PayPal, Google Wallet, and Square Cash are all virtual wallets and mobile payment solutions that do an awesome job of reducing problems with payments. Now in the internet age, these wallet are performing an important role by ensuring payment to all sorts of different parties. A study found that in 2013 these payment providers transacted around $235.4 billion, and it is expected that this figure will rise to $721 billion in 2017. Let’s compare the three main contenders in the space.
Note: When this article was originally published, the Apple Pay system was not yet announced. We will re-analyze these payment providers soon and include Apple Pay!
Google Wallet is one of the most important and most prominent virtual mobile payment systems in the market. Wallet allows people to send money to family and friends within Gmail! It is also possible to make payments to various providers online. It generally allows for the use of loyalty cards to various retailers to shop their goods from the mobile market. One of the prominent features of Google Wallet is the ability to hold credit in their phone that helps anyone to purchase different items via this virtual mobile payment system. Thousands of customers and merchandise heartily support Google Wallet as it can be used in anytime in any location. It provides 24/7 security and also makes sure that there is 100% security in each and every money and cash transaction.
Google Wallet can be researched further here.
In case of e-commerce, PayPal is the 800 pound gorilla in the arena. It links a bank account or credit card to a secure account that can be used to make payments and send donations. One of the important advantages of PayPal is to make payment ahead to the selected retailers. The most important thing about PayPal is that it is highly secure. A study in PayPal found that it provides customers onetime credit card number and once it is used it changes for the second time. Your PayPal account is controlled via a single email address.
Find more about PayPal here.
It is one of the important debit and credit card payment solutions that constituted $10 billion in 2012 and $15 billion in 2013. This shows an important result to increase transaction over the years. Merchandise greatly favor of it because it provides them with traditional PoS (Point of Sale) and customers greatly favor of it because it is quick and easy. It is very much beneficial to a customer as it pays automatically just push the button, type his or her name and make payment automatically. Here tips are also calculated automatically. It may be 5 or 10 percent that the customer chose after they make a purchase. Like the others virtual payment method it also provides loyalty cards in purchasing items, company provides grantee to store cash in the square servers than anyone’s individual device. In that case an important problem is that if the company is ever hacked that could be brought under major problem as cash is mainly stored in the company servers but beyond this problem it greatly offers the customers to make a transaction of their money very easily.
At last it can be concluded that, PayPal, Google Wallet, Square Cash all are playing an important role as a virtual payment system and it just only can be differentiated by their some features but more or less they are same and ultimately its popularity is on the rise.