Mobile Payment Solutions Evolution

Best Mobile Wallet App 2015

You can find many reviews discussing the pros and cons of each mobile wallet app available, most of them are outdated.

A quick research of what comes up when searching for the term “best mobile wallet app”, shows that at least a couple of options reviewed are no longer available.

Which is the best mobile wallet app in 2015?

Unlike many other app categories, the market of mobile payment apps is rapidly changing, losing many apps along the way. Some apps have simply changed their offering, others were acquired by the competition.

The bottom line is this: The question “what is the best mobile wallet app” is about to become one that’s easy to answer in 2015. There are only a few apps competing for the title, some of which have a built-in disadvantage (like LoopPay that requires you to purchase a relatively expensive hardware in order to use it or PayPal Mobile that requires you to find the merchant on your phone in order to complete payment).

So currently it’s Google Wallet VS. Apple Pay. Both offer a quick and secure NFC (Near Field Communication) payment process, and are competing for the best mobile wallet app title quite aggressively.

So which of the two is actually the best? The jury is still out. Apple Pay is making huge strides towards becoming the market leader, offering a more secure payment option and rapidly growing the list of merchants accepting Apple Pay.

However, Google Wallet is putting up a fight, with the recent deal with SoftCard.

The fact the Google Wallet is available to both iOS and Android users should work to its advantage, as Apple Pay is only available to users of iPhone 6 and above.

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Google Acquires Softcard

Google Completes Deal with SoftCard

Google takes another step in the fight to gain market leadership in the mobile payment apps category.

The deal with SoftCard that was finalized late February 2015 means that although for now SoftCard can still be used by its customers, gradually the app will go dark. It can no longer be downloaded and the SoftCard site is directing visitors to download the Google Wallet app instead.

SoftCard is not going to share user data with Google, so users wanting to migrate will need to download and configure Google Wallet themselves.

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Venmo Google Wallet Western Union and Paypal logos

Top 7 Money Transfer App Alternatives

The mobile payment apps market is comprised of apps in a couple of categories. These categories are often confused, but there are some major differences between:

  • wallet apps
  • pay with mobile apps
  • money transfer apps

While use of the first and second categories terms often indicates that you can pay both your friends and in stores or web shops, money transfer apps are used among individuals, to pay someone back or buy something from someone when you don’t have cash.

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Mobile Payment Apps

9 Payment Apps You Should Know About

You have a smartphone, and you use it as a watch and a timer, a newspaper and a flashlight. Now it’s time to use it as your wallet. Consumer demand for mobile payment options online and in stores is on the rise. The percentage of total sales made by mobile apps has been steadily growing for a couple of years now and this trend is expected to continue.

Looking to turn your phone into a wallet? Here are the apps you should definitely know about: (more…)

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