What are the differences between mobile payments? (Infographic)

The recent launch of Samsung Pay in South Korea and in the US yesterday means that the mobile payments market is bursting with new giants seeking to establish their payment service as the most popular one.

But with Apple Pay, Samsung Pay, Android Pay and PayPal all dominating the news simultaneously it is very easy to get confused and miss the key differences between them and the pros and cons of each one.

For example, Samsung Pay’s standout feature is its ability to work with old card machines that read magnetic stripes. It is the only one out of the three new mobile payment services to offer that.

However, the magnetic option comes at a price, it can become irritating because to work, the phone has to be held a certain way. Compared to Apple Pay or Android Pay that make be seen as very inconvenient.

The infographic below, created by CNN Money, breaks down the major differences between the three major Pays as well as PayPal and Bitcoin methods of payment.

cnnapplepay

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