The launch of Apple Pay last month jump-started the mobile payments business, with several companies pushing hard to become your preferred payment method in stores. Even more competitors are on the horizon, promising to bring a lot more security and convenience compared to today’s plastic payment cards.
The magnetic-stripe cards currently used in the U.S. are simply not very secure. Your name, card number and expiration date are all encoded on the stripe without protection, and hackers have been targeting payment terminals to steal that data, jeopardizing the security of tens of millions of card holders.
Banks are racing to introduce more secure, chip-based cards by October 2015, but phone-based systems like Apple Pay and Google Wallet are here now and offer a good deal of convenience and security. But not all mobile payment systems are equal. Here’s a look at the major systems out there and how they work:
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Source: http://www.pcworld.com/article/2846535/a-guide-to-the-top-mobile-payments-options.html#tk.rss_all
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