Early this year in the summer time, Google announced the release of a new mobile payment system, Android Pay. The service was finally launched last month in the beginning of September.
While a big chunk of Android users are still warming up to the payment service, it is expected that Android Pay will be the dominant mobile payment service between it by the end of the year. Here are three reasons why that will happen:
1. More Units
Android Pay will grab the largest share of the mobile payments market worldwide, says Android Headlines, because it is compatible with more handsets that Apple Pay. This makes Android's mobile payment system a top contender for being the number one solution for those wishing to use smartphones to purchase online.
2. Favor with Banking Institutions
Consequent to shipping out more units, Digitime states that more bands and shops will prefer to join the Android Pay system as shipments of aroid-based smartphones will account for about 75% of all smartphone shipments. Apple will only have no more than 20% share of the smartphone market as Digitimes Research notes.
3. Higher Compatibility
With the release of Apple Pay, the company made it to be compatible only with the iPhone 5 and later models. Android Pay is compatible with a wider selection of phones given that the minimum operating system requirement is Android 4.4.
Although Apple Pay is still higher in terms of security as it carries more requirements, but consequent to the strict rules for the service, Apple users will prefer to use other forms of third party online payment. Compared to this, Google's use of "All in Cloud" to manage cloud payments, transactions and users' information for Android Pay has been viewed to be more 'friendly'
According to Street Insider, Alphabet- mother company of Google- stocks went up 1 percent Thursday.
Android's official website states that Android Pay is supported by over 1 million stores in the United States, which gives Android users a wide scope for contactless payments.
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