Wednesday, September 16, 2015

Google Debuts Mobile-Pay Service in 2nd Try

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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