A No-Confusion Guide to Build a Secure Mobile Wallet App in 2019
PaymentSystems
1. Highest professional education programme
«E-Business»
Author Student Rihards Veters
Lecturer A. Rubene
RIGA
2015
Online Payment Systems
2. Introduction
In June, Gartner estimated
that mobile payment
transaction values would
reach $235.4 billion in
2014. By 2017, Gartner
expects the value to swell
to $721 billion.
RIHARDS VETERS 2
5. Google Wallet
•Google Wallet is one of the most hyped mobile payment systems
on the market.
•The app allows users to store loyalty cards from various retailers,
send money to family and friends, and buy items instantly on
mobile websites.
•Those are nice features, but Google Wallet's main draw is that it
allows users to store credit cards in their phone, creating a virtual
"wallet."
•Hundreds of thousands of merchants are supported, but Google
Wallet has a long way to go before every consumer can use it at
every location.
•Google Wallet users receive 24/7 fraud monitoring, as well
as purchase protection that covers 100 percent of all eligible
unauthorized transactions.
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7. PayPal
•PayPal is a massive force in e-commerce, so it's no surprise that
its mobile payment solution is catching on with consumers.
•The company offers a familiar set of features for mobile users,
who can link their bank account or debit/credit cards to their
PayPal account. From there, users can shop with a single tap at
participating merchants.
•One of the more unique PayPal features is that it allows users to
pay ahead at select retailers.
•The best feature has more to do with security than transactional
convenience, however.
•David Kennedy, founder of TrustedSec (an information security
firm), recently explained why virtual wallets are such a cool
concept. He told Fox News that PayPal offers a "one-time credit
card number where basically you use a credit card once and then
it changes the number again."
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9. Apple Pay
•Apple Pay, is Apple's new mobile payments service. Like the
new Apple Watch Apple has adopted the Apple symbol followed
by "Pay" for the service's name, though the company also refers
to it as "Apple Pay".
•Apple Pay is designed to allow iPhone 6 and 6 Plus users in the
United States to make payments for goods and services with their
iPhones, both in stores and within participating apps, using
an NFC chip built into the iPhone 6, the iPhone 6 Plus, and the
upcoming Apple Watch.
•Apple Pay also lets users make one-tap purchases within apps
that have adopted the Apple Pay API. Devices capable of using
Apple Pay within iOS apps include the iPhone 6, the iPhone 6
Plus, the iPad Air 2, and the iPad mini 3. All of these
devices contain an NFC controller where the "Secure Element" of
Apple Pay is located, keeping customer information secure.
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10. ApplePay, Security and Info
•To keep transactions secure, Apple uses a method known as
"tokenization," preventing actual credit card numbers from being
sent over the air. Apple also secures payments using Touch ID in
the iPhone 6 and skin contact with the Apple Watch.
•Apple is aiming to replace the wallet with Apple Pay, and the
one-step process prevents people from needing to dig through a
purse or wallet to find credit cards. As it is built on existing NFC
technology, Apple Pay will work anywhere NFC-based contactless
payments are accepted.
•According to Apple CEO Tim Cook, Apple Pay will "forever change
the way all of us buy things," and thus far, Apple Pay has seen
some early success, garnering more than 1 million credit and
debit card activations during the first 72 hours after it was
released. In November of 2014, Apple Pay was responsible for 1
percent of total digital payment dollars, and was most popular at
Whole Foods, McDonald's, and Walgreens.
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