In our last post we covered How Mobile Payment works and How Mobile Wallet works. To continue the discussion on Mobile Payment industry, today we will learn about top 6 Mobile wallet apps in use today. Keep in mind Mobile Payment industry is growing day by day but it still need a global standard which is happening at the gradual level.
Cimbal: This Mobile wallet apps claim to replace Cash, Credit Cards and debit cards in your wallet. This app is available for iPhone and android. This app can be used to do person to person transaction, point-of sale purchases, online and in-store purchases. It uses QR code and bar code technology.
The good thing is merchants or point-of sale retailers do not have to buy any hardware or software or any card reader. The technology is simple. When you register for the first time it lets you add credit and debit and banking account information. This is secure as none of the credit; debit or banking information is stored in the mobile or Smartphone memory card. It lets you scan the barcode showen on the retailer screen or on your friend phone screen to make the payment.
Qwick Codes: This mobile wallet app is offered by MagTek. This mobile app requires you to go for a subscription base service. It provides you MagneSafe Reader when you take the subscription. With this reader you can swipe your credit and debit card and it will store your accounting details into `Cloud`. It let you set a maximum amount and expiry date against a specific card. Once you are done with the initial setup it creates a Qwick Code. This Quick Code is used for transaction instead of your actual credit or debit card when you are purchasing online or while shopping in stores.
This mobile wallet app does not require any hardware to be available on consumer phone. It supports Visa, Mastercard, Discover, AmEx, gift cards, all credit cars and ATM cards. With this mobile wallet app you can do the ATM transactions without using your debit cards. Is not this Awesome!
Dwolla: Dwolla is a new and innovative concept. Dwolla do not use the plastic cards or the existing payment gateway such as Master and Visa to do the transaction. Dwolla has built their own Payment Network to do the transaction. The Dwolla Network connects to your bank account and does the transaction.
The traditional Payment Networks charges a cost for every transaction. Being a consumer you might not know it every time you are swiping your card and doing a transaction the merchant has to pay a processing fee. Merchants usually add these processing fees in the product cost which you as a consumer is finally paying.
Here is a very good flow chart that tells How Traditional Payment Works
The best thing with Dwolla is you can send or receive money to email address, phone numbers, facebook friends, and Twitter followers. The only condition is that the receiver should have a Dwolla account. If receiver does not have a Dwolla account, you can still send the money to them. To claim the money the receiver must open a Dwolla account. In this innovative concept only one party pay the transaction fee.
LevelUp Mobile Wallet: LevelUp Mobile wallet app is available on iPhone, Android and Windows phone. This mobile wallet app uses QR Technology to interact with point-of-sale machines.
When you download this app on your mobile and get registered, you need to link your credit card or debit card with the LevelUp apps. It links a QR Code to your Credit Card or debit card. So all you have on your mobile phone is a QR Code which you scan to the point of sale machines to make the payment. Instead of cash or card or tapping your mobile to POS terminals you show your QR code when you have to make payment.
Here is a nice video showing LevelUp in action.
ISIS Mobile Wallet: ISIS Mobile wallet app uses NFC (Near Field Communication Technologies) technology to interact with the payment terminals machines in a store. To use ISIS Mobile wallet app a user has to use an advanced SIM Card; this SIM card is designed to store the credit, debit and accounting information. Usually this SIM card comes pre-loaded with the Smartphone. All the mobile vendors (AT&T, T-Mobile) who are supporting ISIS Mobile payment on their platform are providing this SIM card.
The best thing about ISIS Mobile wallet is it is a true wallet and you can store the virtual version of all the cards, loyalty offers, coupons, receipt that you usually carry in your physical wallet.
Here is the official video showing ISIS Mobile Wallet in action:
What I like about this mobile wallet app is at the time of payment you can encash the offers and discounts provided by the store online.
Google Wallet: Google Mobile wallet app is available for iPhone and Android phone. It uses NFC technology to do the transactions with POS payment terminals. You can also use Google Wallet to buy products from Google Play. So a user needs to have a NFC-enabled phone to use Google Wallet. Once you download the app you need to add link your credit card, debit card or gift cards with your Google Wallet account.
The good thing is it comes with a Google Wallet Purchase Protection program. So if you lost your phone or you phone got stolen; you can log into your wallet account and disabled the app running on your Smartphone.
Google Wallet is available in US only. But a user can download Google Wallet globally and use to purchase from Google Play.
Google has provided a list of Mobile models which are NFC enabled and can be used with Google Wallet.
https://support.google.com/wallet/answer/1347934?hl=en
Thanks!!! for reading this post;
Disclosure: The Video shown on singhvikash.blogspot.com are available on YouTube.
Cimbal: This Mobile wallet apps claim to replace Cash, Credit Cards and debit cards in your wallet. This app is available for iPhone and android. This app can be used to do person to person transaction, point-of sale purchases, online and in-store purchases. It uses QR code and bar code technology.
The good thing is merchants or point-of sale retailers do not have to buy any hardware or software or any card reader. The technology is simple. When you register for the first time it lets you add credit and debit and banking account information. This is secure as none of the credit; debit or banking information is stored in the mobile or Smartphone memory card. It lets you scan the barcode showen on the retailer screen or on your friend phone screen to make the payment.
Qwick Codes: This mobile wallet app is offered by MagTek. This mobile app requires you to go for a subscription base service. It provides you MagneSafe Reader when you take the subscription. With this reader you can swipe your credit and debit card and it will store your accounting details into `Cloud`. It let you set a maximum amount and expiry date against a specific card. Once you are done with the initial setup it creates a Qwick Code. This Quick Code is used for transaction instead of your actual credit or debit card when you are purchasing online or while shopping in stores.
This mobile wallet app does not require any hardware to be available on consumer phone. It supports Visa, Mastercard, Discover, AmEx, gift cards, all credit cars and ATM cards. With this mobile wallet app you can do the ATM transactions without using your debit cards. Is not this Awesome!
Dwolla: Dwolla is a new and innovative concept. Dwolla do not use the plastic cards or the existing payment gateway such as Master and Visa to do the transaction. Dwolla has built their own Payment Network to do the transaction. The Dwolla Network connects to your bank account and does the transaction.
The traditional Payment Networks charges a cost for every transaction. Being a consumer you might not know it every time you are swiping your card and doing a transaction the merchant has to pay a processing fee. Merchants usually add these processing fees in the product cost which you as a consumer is finally paying.
Here is a very good flow chart that tells How Traditional Payment Works
The best thing with Dwolla is you can send or receive money to email address, phone numbers, facebook friends, and Twitter followers. The only condition is that the receiver should have a Dwolla account. If receiver does not have a Dwolla account, you can still send the money to them. To claim the money the receiver must open a Dwolla account. In this innovative concept only one party pay the transaction fee.
LevelUp Mobile Wallet: LevelUp Mobile wallet app is available on iPhone, Android and Windows phone. This mobile wallet app uses QR Technology to interact with point-of-sale machines.
When you download this app on your mobile and get registered, you need to link your credit card or debit card with the LevelUp apps. It links a QR Code to your Credit Card or debit card. So all you have on your mobile phone is a QR Code which you scan to the point of sale machines to make the payment. Instead of cash or card or tapping your mobile to POS terminals you show your QR code when you have to make payment.
Here is a nice video showing LevelUp in action.
ISIS Mobile Wallet: ISIS Mobile wallet app uses NFC (Near Field Communication Technologies) technology to interact with the payment terminals machines in a store. To use ISIS Mobile wallet app a user has to use an advanced SIM Card; this SIM card is designed to store the credit, debit and accounting information. Usually this SIM card comes pre-loaded with the Smartphone. All the mobile vendors (AT&T, T-Mobile) who are supporting ISIS Mobile payment on their platform are providing this SIM card.
The best thing about ISIS Mobile wallet is it is a true wallet and you can store the virtual version of all the cards, loyalty offers, coupons, receipt that you usually carry in your physical wallet.
Here is the official video showing ISIS Mobile Wallet in action:
What I like about this mobile wallet app is at the time of payment you can encash the offers and discounts provided by the store online.
The good thing is it comes with a Google Wallet Purchase Protection program. So if you lost your phone or you phone got stolen; you can log into your wallet account and disabled the app running on your Smartphone.
Google Wallet is available in US only. But a user can download Google Wallet globally and use to purchase from Google Play.
Google has provided a list of Mobile models which are NFC enabled and can be used with Google Wallet.
https://support.google.com/wallet/answer/1347934?hl=en
Thanks!!! for reading this post;
Disclosure: The Video shown on singhvikash.blogspot.com are available on YouTube.
