Consumer reports compared Apple pay with 4 other digital cash transaction apps, namely, Zella, Square cash, Venmo, and Facebook (via messenger app), Considering Security, Privacy, Customer Support and more in their comparison process. After the comparison results were announced, consumer reports stated that Apple is the clear winner as Apple’s overall rating using the respective parameters used in the survey were considerably higher than the other apps.
In the survey done by Consumer Reports, it was found that Apple pay scored higher points in security and privacy compared to other apps. Apple’s biggest drawback was the lack of broad availability, as Apple pay is compatible only with iOS, watchOS system software and also requires special hardware for biometric authentication and secure credential storage.
As non-Apple users are deprived of using the Apple pay app, Consumer Reports said Zella, Venmo, Square cash and facebook performed reasonably well, though none of them attained a fair score in data privacy.
Justin Brookman, Consumer reports director of consumer privacy and technology, told they were attempting to enlighten the consumer to make informed choices, think about safety elements they might not have considered previously.
The broad access parameter limitation brought down Apple pay’s overall score to 76, which is still a better score compared to Venmo, Square cash, and Facebook who obtained 64, 69 and 70 respectively.
Consumer reports said their survey differentiated on the basis of how well the app services authenticate services to prevent fraud, error and allow secure user cash transactions. Also considered the quality of customer support, how clearly they disclose fees, and whether users are bound by mandatory arbitration.
There has been a lot of dispute regarding P2P payments, with Venmo being criticized for the absence of security services. Customers can easily turn off the social aspect of Venmo, but they often do not check about it and an astonishing amount of information can be stolen by analyzing the public information.
Zene also took quite a bit of condemnation for its lack of security against accidental payments. Committing a minor mistake of mentioning even a single digit wrong in the phone number during the transaction process can displace your cash to some other user, Though Zene has assured to rectify this problem in their next update.
Mobile transactions have witnessed a rise in their usage, eMarketer reported a 24% rise in the number of users utilizing P2P payment services for cash transactions, reaching 79 million total users. According to Juniper research, Platforms such as Apple pay, Google pay, and Samsung pay could hit 450 million users by 2020, though the figure does not include P2P payments.
Apple pay release was delayed by more than 2 months before it arrived in USA. iPhone, iPad, and Apple watch devices in December. Though it was supposed to initially release alongside iOS 11.
During Apple’s recent Q2 earnings report, CEO Tim Cook mentioned about the success of Apple Pay, which is soon being launched to both CVS and Seven-Eleven this year and also in Germany. Apple Pay is an important upcoming business for Apple Inc, It is a part of their services revenue which saw a 31% increase this year, earning $9.5 Billion this quarter.