Google Pay, Samsung Pay, Apple Pay; Which is the Best Virtual Wallet?

Between Apple, Samsung and Google there are a ton of virtual wallet apps looking to power your transactions. Today we’ll break them down based on their strengths and weaknesses and tell you which one is our favorite! 

Google Pay 

Google Pay and Apple Pay have a lot in common. They both use NFC technology to broadcast information over short-range bands. This means the merchant you’re buying from needs to have an NFC-enabled card reader. While most modern businesses are equipped with standard NFC technology, some Mom and Pop places will be behind the curve on this. Google Pay also allows you to send money to other people, regardless of whether they use Android or iPhone. You can also use certain Android Wear watches to pay! 

The downside to Google Pay, though, is that it only has one layer of authentication. One your phone is unlocked, Google Pay just works automatically. It doesn’t ask for a fingerprint or PIN, it just sends the transaction. This could be an issue for those who shop a lot online and are used to using the secondary authentication as confirmation that they’re about to actually spend money. The other drawback to Google Pay is that it isn’t as widely accepted online as Apple Pay, which is ubiquitous. 

Samsung Pay 

Samsung has an edge over the competition: magnetic secure transmission. Where Google and Apple both use NFC technology to broadcast info, Samsung can use MST to “trick” older machines. Card machines all read magnetic information, so Samsung Pay fools them into thinking a card has been swiped. This allows you to use e-pay even at vendors who aren’t explicitly set up for it. The Samsung Gear S3 also supports MST, if you’re a smartwatch fan. Samsung Pay, like Apple, does require a biometric scan or PIN to confirm purchases, which is good.  

The drawbacks? Samsung has no peer-to-peer payment option, which is a bummer. It’s also only available on Samsung phones, making it the most limited of the three. It’s MST technology is pretty awesome, though. 

Apple Pay 

Apple Pay is the most widespread of the three as far as online support goes. It’s available only on iPhones, though. It uses NFC, like Google Pay. You can send peer-to-peer payments, but only to other iOS users with an Apple ID. You can also use an Apple Watch to pay if you don’t want to go digging in your pockets for your phone at checkout. It uses either a fingerprint scan or Face ID to authenticate purchases.  

The drawbacks here are the lack of MST and the Apple-only peer-to-peer.  

Which Virtual Wallet is the Best? 

Turns out, they’re pretty evenly matched. Apple has a slight edge over Google with its authentication and ubiquity, but Google has peer-to-peer payments with anyone. While Samsung has no peer-to-peer payments, it does have MST, which is critical in certain cities with less high-tech merchants. The bottom line is that they are all fine and shouldn’t influence your decision to buy a phone. Unless, of course, you intend to replace your real wallet with you virtual one. In that case, I would have to recommend Samsung, as it works with the widest variety of card readers.