Modern economy it is making obsolete cash money. Definitely, that not an understatement.
Right now in the United States, nearly fifty percent (50%) of consumers are using some form of electronic payment in their everyday-life.
The percentage it is experiencing an exponential growth since 2015, when only nineteen percent (19%) of Americans used on-line or mobile payments.
Why is this happening? According to Fair Isaac Corporation or FICO, is due to the “Digital Generation” or “Gen D”, and this is not referring to certain age people, but to a mindset.
All those people using technologically based payment methods are part of the Gen D.
So, what is the technology behind them? We present five method/devices considered popular amongst Gen D (not in order of popularity or effectiveness).
1 COIN 2.0
It is an electronic card (device) able to store up to eight debit/credit cards in one place to make your life easier (so they say) and your wallet thinner.
It seems we can used it everywhere, just like using an ordinary debit/credit card, but with a little button to switch from card to card.
The reason why it is so easy to use is the magnetic label reader technology (not chip). This tech makes it compatible with almost every point of sale (POS).
The vantage: Maker claims to be able to work for two years with a single battery charge.
The downside: Costumer reports show it works seventy percent (70%) of the time and the app it is a battery drain in the iphone.
This electronic card consolidates securely up to twenty debit/credit card data.
This device offers to use Near-Field Communication Technology (NFC), but you must keep in mind that won´t solve the problems of electronic pay.
With this in mind, Spendwallet uses also Magnetic Flux Emulation Technology (MFC). This makes card readers to respond as if card is slip with just a proximity sideslip, dearly called Tap-To-Pay.
The vantage: Spendwallet also serves as an electronic access control system that uses magnetic stripe to open door, but only if you can swipe the card (not insert).
The downside: Couldn´t find one. Promise to keep looking.
Unlike previous reviews, Tapito it is not a device, but an app that turns your smartphone into a Mobile NFC Payment Device.
This app promises never to communicate with the internet and never store your debit/credit card details. This intends to give costumers peace of mind that those data won´t ever be stored anywhere.
The vantage: Tapito ensures to work on most North and South American countries.
The downside: This app was released two years ago and we haven´t seen significant updates.
4 Samsung Pay
This is an app with Near-Field Communication (NFC) technology to pay everywhere a debit/credit card is accepted (Tap-To Pay). Also uses MST technology (Magnetic fields) for old credit card machines.
An attractive feature is the possibility to authorize your pay using your fingerprint, as a valuable security plus.
A significant difference with rest of apps like this is “Samsung Knox”. A security system that uses three different security protocols to protect you data: Customizable Security Boot (CSB), TrustZone-based Integrity Measurement Architecture (TIMA) and Security Enhanced Android (SE Andriod).
This is a defense-grade security platform with strong features designed to ensure maximum security to your personal data as well as your business data.
The vantage: Samsung ensures acceptance over thirty million places around the world. No bad reviews found on security or operation.
The downside: Customers have complained about the amount of advertisement displayed after the activation of the app. Only available since Samsung S6 models.
5 Apple Pay
This app, as most of mentioned uses near-field communication (NFC) technology. Apple Pay uses a security protocol known as the “Europay MasteCard VISA” Standard (EMV standard).
This protocol allow interaction between chip card and points of sale (POS).
The main benefits of this protocol are higher protection to customers on magnetic field technology transactions and more control over off-line transaction approval.
There is of course the possibility to approve the transactions with the new Face ID technology a form of biometric authentication used by apple X (not available on older version).
In Apple Pay, EMV uses a process known as “tokenization” that according to John Shier, a security advisor with computer security company Sophos “Once you enroll a card, [Apple] doesn’t actually store the card number itself on the device or on its own servers. They store a digital representation, or token, which is a 16-digit code that is meant to represent your card within the ‘secure element’ of the iPhone itself“.
Summarizing, this is a tough one to beat.
The vantage: Advanced security and easy-to-use technology.
The downside: Only available since iPhone 6 and the Face ID technology it is only available on iPhone X.