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Mobile Payment Options (Other Than Google Wallet)

Mobile Payment Options (Other Than Google Wallet)

Recently we updated our blog on how to use Google Wallet to send money to reflect its transformation into Google Pay. While Google Pay offers a wealth of convenient features, not everyone wants to be tied to the Google ecosystem. If that’s the case for you, we're exploring two competitors to Google Pay: Apple Pay and Samsung Pay. 

What Is Apple Pay?

Apple Pay is Apple’s version of Google Wallet (now Google Pay). One of the main differences between the two apps is that while Google Pay works on a variety of devices including non-Android devices, Apple Pay only works on Apple devices. So if you’re making the switch from Apple to Android, you need to be prepared to lose access to some core services, such as Apple Pay.

How to Use Apple Pay

Apple Pay allows you to use your smartphone to make purchases in a variety of places. You can also use Apple Pay using your Apple Watch, as well as with the Safari browser. Apple Pay provides two ways to pay for purchases: Face ID and Touch ID.

Pay with iPhone with Face ID

  1. Double-click the side button, glance at your screen to authenticate with Face ID, or enter your passcode. 
  2. Hold the top of your iPhone close to the contactless reader until you see Done and a checkmark on the display.

Pay with iPhone with Touch ID

  1. Rest your finger on Touch ID. 
  2. Hold the top of your iPhone close to the contactless reader until you see Done and a checkmark on the display.

Setting up Apple Pay

Here's what you need to use Apple Pay in supported regions:

To add Apple Pay to your device:

  1. Go to Wallet and tap the “+”.
  2. Follow the steps to add a new card. If you’re not sure how you can watch Apple's demo. If you're asked to, add the card that you use with your Apple ID, cards on other devices, or cards that you’ve recently removed, choose them, then enter the card security codes. If you have additional questions, take a look at the Apple Pay set up page.
  3. Tap Next. Your bank or card issuer will verify your information. When done, go back to Wallet and tap your card.
  4. After your bank or issuer verifies your card, tap Next. Then start using Apple Pay.

Once you have Apple Pay set up, it’s time to increase your finance options by installing Apple Cash. Apple Cash allows you to make person-to-person transactions just by using the Messages app or using Siri.

Send and Receive Money Using Apple Cash

Apple Cash makes it easy to send or receive funds, not just person-to-person, but you can also transfer funds to your bank or debit card. Here are the requirements to use Apple Cash.

Next, set up Apple Cash in Wallet

  1. Tap Settings > Wallet & Apple Pay
  2. Tap the Apple Cash card, then follow the onscreen instructions.

Using Apple Cash to Transfer Money to Your Bank Account or Visa Debit Card

Apple's Instant Transfer lets you transfer money to an eligible Visa debit card in your Wallet and is usually available in around 30 minutes.

  1. Go to your card info:
    • iPhone: Open the Wallet app, tap your Apple Cash card, then tap the three dots.
    • iPad: Open the Settings app, tap Wallet & Apple Pay, then tap your Apple Cash card.
  2. Tap > Transfer to Bank.
  3. Enter an amount and tap Next.
  4. Tap > Instant Transfer.
  5. If you haven't added a Visa debit card, tap Add Card and follow the instructions on your screen to add one.
  6. Tap > the Visa debit card you want to transfer funds to and select the billing information for your chosen debit card.
  7. Your funds should transfer within 30 minutes.

Transfer to your bank:

  1. Go to your card info:
    • iPhone: Open the Wallet app, tap your Apple Cash card, then tap the three dots. 
    • iPad: Open the Settings app, tap Wallet & Apple Pay, then tap your Apple Cash card.
    • Apple Watch: Transfer money using your iPhone. 
  2. Tap Transfer to Bank.
  3. Enter an amount and tap Next.
  4. Tap 1-3 Business Days. If you don't have a bank account set up, follow the instructions on your screen to add one.
  5. Confirm with Face ID, Touch ID, or passcode. 
  6. Wait for the money to transfer. This can take 1 to 3 business days.

While having your financial information on your phone can seem daunting, Apple Cash requires you enable Two Factor Authentication (2FA) before you are allowed to set up your account. As you may be aware, one of the biggest causes of security breaches is weak passwords. By requiring 2FA, Apple is at least trying to reduce the opportunities for data to be compromised. 

Whether you use Apple Pay or not, now’s the time to start using two-factor authentication everywhere. Not interested in Apple Pay or Google Pay? Perhaps Samsung Pay is what you’re looking for.

What Is Samsung Pay?

Samsung Pay is Samsung’s entry into the virtual wallet service. Like Apple Pay which only works on Apple devices, Samsung Pay is restricted to compatible Samsung devices. Similar to Google Pay (formerly Google Wallet), Samsung Pay allows you to have a safe, quick and convenient method of payment without having to use your physical credit cards or cash. Samsung Pay is accepted at most locations that support NFC*, MST**, and select mobile and Bixby merchants.

NFC* (Near-field communication) simply put, allows devices to communicate and exchange information when you place them near each other.

MST** (Magnetic Secure Transmission), a Samsung patented feature, turns your smartphone into a virtual credit card by sending a signal which simulates the magnetic stripe on a card. This is a great feature that allows your phone to be used to make a payment on an older terminal which does not support NFC.

Setting Up Samsung Pay

As in the case with Google Pay, you will first need to download the Samsung Pay app. Fortunately, it comes pre-loaded, but if you need to install it, you can find it on the Google Play Store. Here's what you'll need before you can use Samsung Pay:

Once you have installed the app, open Samsung Pay, and then tap Get started. Create and enter a new PIN, and enter it again to confirm. If it's your first time using Samsung Pay, you will need to add payment cards.  

Secure Your Samsung Pay Account

In today’s 24/7 always-connected environment, security shouldn’t be something you leave to chance or be treated as an after-thought. Security should be your number one concern, especially when you link your financial information to an online account and there are best practices to protect your personal information.

If you take a deeper dive into multi-factor authentication you realize the importance of having additional levels of security such as Fingerprint or Iris verification. Fortunately, Samsung offers these features. To enable: open Samsung Pay, and then tap Menu in the upper left corner. Tap Settings, and then tap the toggle next to Fingerprint or Irises. Once you have chosen your preferred method, follow the on-screen instructions to set up either Fingerprint or Iris verification. Once complete, you’re ready to send money using your Samsung Cash.

Send Money Using Samsung Cash

To send money, open the Samsung Pay app and select Samsung Pay Cash and then tap Send. Next, select the contact or enter the name and phone number manually of the person you wish to send the money to. Enter the amount and an optional message. Finally, confirm the amount and recipient information, then tap Send. If you wish to request money, the process is the same, except instead of Send, you tap Request.

NOTE: The recipient must have a Samsung Pay-compatible device with a Samsung Pay Cash Account. If they don't, they will need to create a Samsung Pay Cash account or they will not be able to receive their funds. The transaction will remain pending until the account is created (after 5 days, the transaction will expire). Remember, you can cancel a pending transaction at any time by tapping Cancel Transfer under the Transfers tab next to the transaction.

Limits of Sending Money and Receiving Using Samsung Pay

Unlike Google Pay, Samsung has a tiered system in regards to how much money you can send or receive. For maximum amounts, upgrade your basic account (LITE account) to a Full Card Account by selecting Upgrade Account from the menu. Limits for each account type:

Lite accounts:

  • Limited to loading or receiving money one [1] time.
  • Daily: up to eight [8] transactions with a max total that is not to exceed $500.
  • Weekly: up to ten [10] transactions with a maximum total that is not to exceed $500.
  • Monthly: up to fifteen [15] transactions with a maximum total that is not to exceed $500.

Full accounts:

  • Able to load or receive funds multiple times.
  • Daily: up to eight [8] transactions with a max total that is not to exceed $1,500.
  • Weekly: up to ten [10] transactions with a maximum total that is not to exceed $2,500.
  • Monthly: up to forty [40] transactions with a maximum total that is not to exceed $3,500.

Today’s digital landscape is changing how we perform a variety of tasks, including paying our bills and how we work. In fact, many businesses are utilizing BYOD policies and allowing their team to use their own smartphones and other devices in the workplace. BYOD provides a wealth of benefits, particularly to small and medium-sized businesses.

As your smartphone has already replaced your camera and your computer, it seems to only be increasing its significance in our lives. The reality is you’re more likely to have your smartphone in your pocket, as opposed to your wallet, so it only makes sense to take advantage of its versatility. 

With Google Pay, Apple Pay, and Samsung Pay, you have the option to choose the best service for your needs and devices. Download an app today and take advantage of the ability to make purchases and send or receive money with the convenience of simply pointing and clicking your smartphone. 

If you’re interested in improving your IT support and security, especially if you’re in the financial services industry, or if your organization is in need of IT consulting, give us a call at 605-341-3873.

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Monday, February 17 2020

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