Google debuted their 2nd endeavor
to promote a Mobile-Pay accommodation this week called Android Pay which is
commensurable to Apply Pay. I’m guessing
that with Apple continuing to be innovative with their technology, Google added
this feature in joint venture with Samsung to be more competitive with mobile pay
technology. Well I think it’s a good
addition but wonder if the safety we all expect is included in this
technology. We have read about or
received countless notices regarding merchant system being hacked that affected
hundreds of thousands of consumers. Even
recently Target had to pay out over paying $19 million, according to Fortune resulting
from their 2015 system breach. As we
evolve with technology we have a continued need to address these issues to
protect the consumer. The addition of
Android pay in my opinion is a great benefit but until fully tested in live
production, I’m not sure if I can jump on the Mobile-Pay bandwagon. What some reporting on this believe to be “paramount
advantages” is that when you utilize this technology, your phone is assigned a suppression
card number unique to that device. In
the event that a merchant system is compromised, your genuine card number is
safe. I’m still trying to find anything
to substantiate that statement. This benefit
is also described as a secure and way to make your purchases not having the
constant inconvenience of replacing your bank cards every time a merchants
system is compromised. If we don’t have
the security with our cards, I’m trying to determine how is this method more
secure.
Apple Pay
spearheaded this technology with its’ initial launch in 2014 in the US. They have now expanded in the UK and have
integrated features that include retail store cards. All technology, when first introduced comes
with some disadvantages, but the question is if those disadvantages outweigh
the accommodation and security benefits offered. My opinion would be that it doesn’t. I’m not confident that when this technology is
first released there won’t be complications that will no doubt be at the cost
of the consumer. Then I’m sure Android
users will have to get upgraded phones to take advance of this “convenience”
which often times comes with malfunctions.
It has been reported that the technology will be available with the
recent S6 or greater but not all Android users have these devises. Now I have to say that I am interested in
this technology because I’m more comfortable not having to carry around a cash
and card all of the time.
The main disadvantages noted in
the NY
Times Article published is that “many merchants don’t have the updated
terminals that Apple Pay and Android Pay require which can cause an
inconvenience.” The other downside reported
is that your credit card has to have an agreement with Apple Pay and Android
Pay which in most cases, it does. According to Apple Pay’s website, they have a
substantial list of merchants
and/or banks accepting this technology and continue to expand the network. Currently Android
Pay site list a number of merchants now accepting their technology but the
banks have not been listed on the site to date.
I’m sure it will mimic what Apple Pay has done for the integrated
accommodation to their customers. With
that said, I don’t believe the disadvantages noted supersede the advantages of
integrated security that I, like most consumers, desperately need and want. I anticipate that this technology will continue
to expand in upcoming months but again, don’t trust it fully until it has been
confirmed safe as described.
As reported by Fortune,
“Juniper Research says that the number of mobile wallets using contactless
technology is expected to reach 200 million by the end of 2016, up 100% from
the end of 2014.” It’s clear that this
is the new direction with electronic payments.
Considering how many consumer rely so heavily on the capabilities of
cell phones, I won’t be surprise to see this function used more in the
future. So in summary, I feel that Android
Pay will be prosperous with this technology provided that they expand their
network to match that of Apple Pay which I am confident will transpire. Once
this technology has been perfected, I think it’s going to be the way to conduct
transactions commonly in the very near future making genuine credit cards a
thing of the past. But for now, I think
I’ll stick to my cards and my wallet.
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