Have you ever thought about the ease that technology has brought to how you can make contactless payments while you travel or live abroad? Well, you would not have thought about it deeply.
Contactless payments have proved to be a convenience that one could not have thought about until a few years ago. This technology has facilitated the payment and purchasing of goods and services.
This has also impacted the expatriates from developing countries such as the Philippines, whose people travel to the developed countries to earn remittances and send money to Philippines to support their families financially.
Of course, the abject poverty and lack of sufficient resources leading to scarce employment opportunities there only add to the people’s miseries. And this is not only applicable to the state of the Philippines. Instead, almost all the developing countries face more or less the same issues. It’s one of the reasons why the global diaspora comprises expatriates from developing countries worldwide.
Let’s take a look at some of the statistics of the Philippines economy for a better understanding.
Philippines economy
- According to an IMF report, it is the 32nd largest economy with a nominal Gross Domestic Product (GDP) of $433.180 billion.
- It is the 27th largest economy globally, with a Purchasing Power Parity (PPP) of $1.110.810 trillion.
- Its GDP growth rate is expected to be around 5.6%
- Its GDP Per Capita income is $3,858
- Its GDP PPP Per Capita income is $9,893
- The inflation rate in the Philippines is 4.5%
- Unemployment in the Philippines hovers over 14.7%
This sufficiently explains why the people of the Philippines travel to the developed countries for want of better employment opportunities to send money to Philippines online.
Where many companies have introduced many apps to facilitate online money transfers, others have primarily focused on facilitating online purchasing of goods and services from around the world within just a few clicks.
These payment apps are known as mobile wallets. Since the competition has intensified among the developers of this technology in recent times, the debate is whether to use Apple Pay or Google Pay. The debate primarily focuses on these two because these two are the most used, in vogue and trusted by the users.
Let’s look at each of them separately to determine which of these two is better than the other.
Google Pay
Google Pay is a digital wallet developed by Google. It is used to make in-app purchases and allows users to make payments to others. This digital wallet connects with your credit card or debit card and makes it easy to make payments in shops and restaurants, etc.
It allows you to add as many cards as you want through which you either transfer money to the Philippines, in case you are an expatriate belonging to the Philippines or make payment for something.
It also provides the balance feature. This allows you to either save the money you receive as a balance or withdraw it from the associated bank.
Here are a few essential points to keep in mind about Google Pay.
Google Pay – the essential details
- Google Pay hides your card numbers and instead makes payments with tokens known as the ‘virtual card numbers’. It is easier than physically using your credit card or debit card and protects you from security breaches and unscrupulous merchants.
- It does not broadcast your transaction as it uses NFC for in-person transactions. It allows you to see someone trying to interfere with your signals.
- You can protect your Google Pay app through your phone.
- If someone gets access to your Google Pay, it will alert you about the suspicious transactions.
- If you have your device stolen, you still can delete the app remotely using the Find My Device feature, as it is connected to your Google account.
- If you make payment via Google Pay in advance and do not receive the product, there is little Google Pay will and can do to return your money.
- Its users are 25 million worldwide, and its growth is projected at 40% from 2020 to 2025.
Now, let’s study Apple Pay and understand it.
Apple Pay
Apple Pay is a digital wallet developed for Apple devices such as iPhone, Apple Watch, iPad, and Mac book, etc. This digital wallet allows users to make purchases in stores or make payments online without having to share their debit card or credit card information for every transaction separately. It is linked easily with your card and allows you to make instant payments online.
Apple Pay – the requisite details
- It requires multi-layered security and verification with the help of passcodes, Touches, or Face ID.
- It creates a unique code for every transaction instead of using your card number each time you make a payment or buy something. It protects you from hackers.
- Apple Pay is the best option that guards you fully against a card-skimming device some unscrupulous merchants have fixed on the machines for swiping the cards.
- It does not store your information on your device.
- It also allows you to suspend the service in case of stealing using its Find My iPhone feature and within it through the ‘lost mode’ option.
- It has around 43.9 million users worldwide.
- Over 85% of American merchants accept it, Apple has reported.
Which one to use for purchases and international money transfers?
The obvious answer is, of course, the one your device is compatible with! If are traveling with iPhone & If you are an Apple user, you cannot use Google Pay. And if you are an Android user, you cannot use Apple Pay. The best option for you to choose from will be the one that corresponds to your needs and requirements best. Besides, for these apps to work, their acceptability also matters.
The difference between the Apple Pay & Google Pay is elaborated on at length. Which one of these is best primarily depends on; a) your exact needs, b) your wallet’s acceptability, and c) how careful you are with your device and while using the concerned app.