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Apple Pay, Samsung Pay and Android Pay: A Primer in Digital Wallet Technology

Educating members about the security of digital wallets can accelerate the technology's adoption.

By CO-OP Financial Services | Updated on June 14, 2016

According to research conducted by Strategy Analytics and reported by NFC World, more than 100 million people will make an NFC (near-field communication) mobile payment in 2016. And within five years, the value of transactions conducted via NFC handsets will skyrocket to an estimated $240 billion.

Digital wallets, such as Apple Pay, Samsung Pay and Android Pay, sit squarely at the center of this growing market. And while the experts agree that all roads lead to a future economy that revolves around mobile, consumers to-date have been slow to embrace mobile payments, due at least in part to their perception that the technology is not secure. 

In fact, Raddon Financial Group research revealed that 56% of smartphone owners surveyed won’t make a mobile payment today over perceived security concerns.

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