In some countries they are considering eliminating physical money, coins and bills, as a form of payment. As long as there is no possibility to pay with biometric systems such as fingerprints or iris recognition, the only alternative is the use of credit or debit cards. Although that also has the days numbered with the use of apps that turn our smartphone into an electronic wallet.
Bearing in mind that other documents such as plane or train tickets and tickets to events can already be done from the mobile, the day is approaching when everything we need is in one place. In addition, the security options that this type of payment method represents can be superior to those of any current physical support, thanks, for example, to Blockchain technology that would allow a unique and unfalsifiable personal identity.
Many players and an app to unify them all
That the mobile payment system has a future is shown by the fact that most banks are making their own wallet-type apps available to their customers, for example Santander, BBVA, Bankia, Cajamar and Caixabank, ING or Sabadell. Although the old battle between distribution and retail groups’ own means of payment versus financial institutions, that is, the choice between a purchase card and a VISA or Mastercard-type credit card, is repeated once again with the start-up of chains’ own systems such as Inditex.
In the end, the consumer will have to choose between filling their smartphone with apps or having a single one that groups them all, or at least most of them. Is there such a possibility? Let’s take a look at the current landscape of wallet-type applications.
Bank payment apps
Little by little, through their own applications or grouped as in the past happened with Servired or 4B, all banks are having their mobile payment methods. Let’s take a look at what’s available today.
Santander Wallet: The Banco Santander mobile app is available for Android and iPhone. You can choose to pay with any card or determine which one is your favorite. It has an SMS alert for purchases over 50 euros.
Among the functions it includes the payment to the mobile of a contact if you know their account code, similar to the payment of Pay Pal to an email. The app has additional services for customers from pin query to ATM location.
Loyalty cards from other businesses can also be incorporated.
BBVA Wallet: To be a user of this BBVA application, you must be a customer and have an Android system greater than 4.4. With an older system or iOS you need a “sticker” that must be requested.
BBVA’s commercial strategy includes offering promotional discounts in all kinds of establishments for purchases of technology, leisure, sports, fashion, travel, restaurants, etc.
Bankia Wallet: The Bankia app is integrated into the Bizum network http://bizum.es/ like most banks that have mobile payment. This allows them to offer to send or receive money from your friends just by selecting a contact from the mobile address book. Among the rest of the functions, you can recharge your mobile directly from the app.
It is also available for Android and Apple.
I pay (Cajamar): This mobile wallet service presents itself as the easiest to use, being free, commission-free and compatible with any bank through direct account-to-account operations. As a security measure, it limits the amounts to 500 euros. Its main function is shared payment between friends.
CaixaBankPay: La Caixa’s wallet app has the usual functionalities in mobile wallets such as direct payments to other users, contactless payment that if you do not have the appropriate OS is replaced with a sticker card, and adds to all this the Masterpass function, to pay the online purchases in more than 20,000 internet stores.
ImaginPay from Imaginabank (Caixabank): In reality, it is a new exclusively mobile bank, that is, it only allows operations from a smartphone. It belongs to Caixabank and its app allows three payment options, from the same mobile payment, sending money or withdrawing money from an ATM.
Twyp EN : The main novelty of the ING Direct app is the possibility of withdrawing money at supermarket checkouts or gas stations with the Twyp Cash option. https://ingdirect.es/twyp/twyp-cash.html A very suitable alternative for a bank that does not have branches and therefore its own ATMs. But also a very interesting option for example for security reasons. Of course, you can also pay directly for the purchase, and without a minimum amount.
Sabadell Wallet: The Banco Sabadell app is another one that, in addition to allowing you to pay for purchases, is integrated into Bizum and with this you can send or request money from your contacts. It also allows you to withdraw money without a card with Instant Money by generating a password for the cashier that, and this is interesting, another person can use. Authorized by you, of course.
If you have iOS or do not have NFC on your smartphone, you can also attach the contactless sticker card to your mobile.
Bank Pay: Another entity associated with Bizum, with which it is possible to make payments between users. However, to withdraw cash from ATMs, another application called Abanca Cash is necessary. As a curiosity, the mobile banking app is also compatible with blackberry and Windows Phone.
Other banks that have apps associated with Bizum they are Caja Rural, Kutxabank, Unicaja or Ibercaja.
Manufacturers’ Wallet Apps
Since the technology and means of payment depend on the terminals, manufacturers such as Apple, LG, Huawei or Samsung have not wanted to miss the opportunity to get involved in this digital revolution.
SamsungPay: One of the leaders in smartphones has joined mobile payment methods with its own app. His main argument is the three layers of security that encrypt your card data and are never shared with the establishment. With Samsung Knox, the device is monitored at all times and payment authorization is by fingerprint. In addition, you can disable the app remotely, without the mobile.
In addition to being able to pay wherever there is a contactless POS, it integrates the most common loyalty cards such as Travel Club, Repsol or NH.
At the moment, it only accepts clients from Caixabank, Abanca or Sabadell.
ApplePay: Some of the described wallet apps were not fully compatible with iOS. Apple has its own mobile wallet for its devices. In addition to using the Touch ID sensor as a signature, it can be used to buy other apps or in online stores of all kinds. Among the differences with other options, say that you can not only pay from a smartphone but from a Macbook pro thanks to its new Touch ID sensors.
Although at the moment it is only associated with American Express, Santander, Carrefour and Ticket Restaurant cards.
LGPay: The LG brand is scheduled to launch its mobile payment system shortly. At the moment it is available in South Korea, the country of the manufacturer. At the moment it seems that it will coincide with the launch of the LG G6 model.
Xiaomi MiPay: The Chinese giant also has a mobile payment system in its country called MiPay. In this case, in addition to credit cards, it is compatible with public transport cards. At the moment, it is only in the Chinese market.
HuaweiPay: The other major Chinese manufacturer has also ventured into mobile payments, although at the moment also only in China and associated with UnionPay, a financial company that operates internationally, so it is expected that it will soon expand its coverage to more countries.
AndroidPay: Of course, Google could not stay out of the world of applications being responsible for the Android OS. The Android option allows you to integrate credit and debit, loyalty and gift cards to buy in physical stores, online or in apps. To do this, you just have to unlock the phone and bring it closer to the NFC terminal. Thanks to the device manager of the Android platform, the payment system can be blocked in case of theft or loss of the smartphone.
Distribution and retail also want your app
In addition to Apple, which has its own stores, other brands in the commercial distribution sector are committed to their own apps. In this case we will talk about a totally digital native like Amazon and another leader in physical retail, Inditex.
AmazonPay: Amazon’s strength is being able to buy from thousands of websites with a single Amazon online account. In this way, its dominant position as a marketplace extends with the means of payment to where its electronic commerce does not reach. Its main argument, the trust of regular customers.
Inditex InWallet: When you have a handful of established brands such as Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe, it is normal to think about having your own app. In reality, it is not only a paid app but also a service added to the apps of each of the brands. Of course, it also manages the electronic ticket to eliminate paper.
Repsol Waylet: The service station network already allows you to pay with its own app available for iOS and Android. To do this you must link a credit card of your choice. It also incorporates the management of points programs and promotions.
CepsaPay: Before Repsol had its own, CEPSA already had the possibility of paying for fuel and products at DePaso stores from a mobile phone, and in its own words “from the car”. As a curiosity, it allows you to transfer balance to other users.
Carrefour Pass: The last to arrive to date. The distribution chain has converted its PASS card into a mobile version and its main advantage over its competitors is that it allows you to associate the payment with any bank and use it as a credit card in other establishments that have NFC payment.
Vodafone Wallet, or global carrier option
In the end, any smartphone-based payment method depends on the same channel, which is the telephone operator. For this reason, to the Movistar and Orange payment options, Vodafone launched its Wallet proposal in which You are not limited by the manufacturer, the bank or the store where you are going to use it. In fact, you don’t even need a specific bank because you can integrate PayPal as a payment method, something that many e-commerce users will find very secure and attractive. As for the available banks, they are practically all of them since they are based on independent platforms such as Visa and Mastercard.
Similarly, Vodafone Wallet it’s a real everyday wallet because it can be used on buses, subways or trams.
We said at the beginning that the average user was already used to using their mobile device to purchase and present tickets to an event. Vodafone Wallet also integrates it so you don’t have to use multiple apps.
Regarding the use of a smartphone as an identification card, some hotels and companies are beginning to accept Vodafone Wallet.
It also includes other usual services of payment apps, such as loyalty cards and points, promotions.
More information: Vodafone Wallet.
