One of the major points which consistently arises in evaluating the perks of the Android platform is its superiority as a mobile payment device. Mobile payment is the future. Of what use is a credit card or even cash when it’s purpose can just as easily be served on a smartphone with additional convenience? As mobile payment technologies continue to evolve, the death of physical cash seems eminent.

 Google Wallet, first released in 2011, is the major mobile payment technology used for Android. Google Wallet supports all major credit and debit cards, including Visa, MasterCard, American Express and Discover. By storing all of the user’s credit card information on the cloud, Google Wallet makes it easy to pay for anything whether in-store or online.

Most Android payment technologies utilize NFC, or Near Field Communications, a set of standards for smartphones which allows communications by touching or putting the devices in close proximity. NFC allows you to pay for purchases through your smartphone without the hassle of paper or signage, all one needs to do to make a purchase is either tap the smartphone against a NFC compatible device or have it in proximity.

The major critique of NFC technology is the lack of security and cost of implementing the technology. Recent advancements have brought upon the development of Host Card Emulation, which makes it cheaper for merchants to install NFC technology into their organization and allows for secure transactions wherever the user pleases.

While Android remains the leader in mobile payment technologies, Samsung is currently giving them a run for their money with the Galaxy S5. The S5 is the first smartphone to utilize fingerprint technology to authorize payments. Fingerprint technology eliminates the need for passwords or PINs, not only making payments more secure, but protecting the user’s other accounts which often utilize the same complex password or PIN.

The numerous competitors in the mobile payment technologies market only goes to show the demand for mobile payment solutions. If your business expects to compete in any given market, it’s vital to eliminate any and all stresses in the process of purchasing. More to come shortly… Stay Tuned!