Is Apple pay a digital wallet or a payment system?

Does Apple Pay is digital wallet or payment system? How two are different from each other?

 

 

Answer by Jason Yeaman:

Apples apple pay is based on a secure element program where purposefully placed microcontrollers on the logic board are part of the solution. That shows they were willing to go  the extra mile for security. They then  incorporated biometric security through Touch ID, centralized aggregation of loyalty and payment methods in Passbook, and hundreds  of relationships build with merchants, financial institutions and service providers.

Sounds like they are in it for the customer.

Google can’t seem to get a handle on security,. Nor can they find a partner to work with. They wanted to start   getting access to people’s money so quick that they were wanting to use Verizon’s SIM card for a solution for authentication for their payment method. They couldn’t  seal the deal. First it was NFC then it wasn’t. Now itS Google wallet, but they don’t get the support they want from android, so they sell it in the iOS AppStore.

It seems google decided to beta test it on their users, and that ended up costing consumers millions in fraud.

This was something that should have been done right, than done first.

Google is doing what they need to do to get access to consumer cash. Apple is doing what it needs to, so the consumer is protected, and has an unmatched user experience where ‘tap and pay’ really works.

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