Apple Pay vs Google Pay: Which e-wallet should you choose?

Are you looking for optimal solutions to make international payments easier? Maybe Google Pay or Apple Pay is the most suitable choice for you. 

So, which e-wallet is the most suitable choice? This is a question that causes a dilemma for many businesses and individuals who do not clearly understand the similarities and differences between two e-wallet solutions from two technology giants Google and Apple.

Our article offers a comprehensive comparison to help you identify which digital payment ecosystem suits your business needs best.

1. Digital wallet: An overview

1.1. What is a digital wallet?

E-wallets operate as a form of contactless payment using Near Field Communication (NFC) technology, allowing secure data transfer between a mobile device and a payment terminal through radio waves. The proximity feature requires the buyer's device to be in close range of the payment processing device.

Some of the most popular e-wallets are Google Pay, Apple Pay, Samsung Pay, Amazon Pay, and PayPal.

1.2. Functionality of International E-Wallets

E-wallets serve as electronic versions of traditional wallets, enabling electronic payments while safeguarding financial information through encryption and digital certification. Most transactions use NFC technology, facilitating various features including online shopping, item comparison, bill payments, loyalty program points accrual, secure personal data storage, peer-to-peer transactions, and integration with household devices.

If you want to find the right e-wallet solution for international transactions, understanding the specific features, compatibility, security, and functionality offered by Google Pay and Apple Pay is essential.

1.3. Advantages and disadvantages of using international e-wallets

1.4. How can international e-wallets help you conduct transactions?

International e-wallets like Apple Pay and Google Pay help you make payments in 2 ways:

• Direct Payments

You can install e-wallet applications on your devices (Usually, these e-wallets are already installed on your phones first) to electronically pay with credit cards or digital cash while keeping personal payment information secure through transaction encryption.

• Online Payments

E-wallets employ tokenization technology for quicker, easier online payments. Tokenization simplifies the checkout process with one-click/touch operations, reducing the need for filling in payment information and addresses. This enhances checkout convenience, reduces churn, and improves conversion rates for businesses.

1.5. Factors to consider when choosing an international e-wallet

When you choose to use an e-wallet, whether it is Google Pay, Apple Pay, or any other, you should first consider these factors to choose the right one for your business.

• What are its security features? Does the chosen e-wallet support the following?

1. Encryption for every transaction.
2. Zero liability guarantees or purchase coverage.
3. Username, password, and PIN settings.
4. Safeguards against accidental double payments.

• Does the e-wallet support contactless payments? Does it leverage NFC for swift and convenient transactions, enabling easy peer-to-peer and electronic money transfers?
• How popular is that e-wallet?

You should choose to use an e-wallet that is commonly used by shopping platforms for faster online transactions by saving credit card details and using only a username/password.

• Does it have any reward program?
• Does it support information keeping?

Nowadays, e-wallets should be an all-in-one wallet that can provide the capability to store transaction history, and payment invoices, and synchronize information across multiple devices for convenience

• How often does it receive regular technological updates?

This can ensure the e-wallet always includes new security features like RFID technology for enhanced user security.

It is recommended by renowned financial institutions and banks

If you see that reputable banks and financial institutions recommend the use of that e-wallet or simply allow for seamless transaction processing and usage between the financial institutions and the wallet, then that e-wallet might be a safe choice for your business

2. Google Pay vs Apple Pay: Which is the right choice?

2.1. Similarities between Apple Pay and Google Pay

Apple Pay and Google Pay are all mobile payment systems. That is why, they all share some similarities that you may find in day-to-day use.

• Contactless Payments: Both support NFC technology for contactless payments, utilizing distinct hardware and authentication methods (Touch ID for Apple Pay, and Android phone features for Google Pay).
• Online Purchases: Both enable online transactions in apps or websites, streamlining payments with stored information and requiring user confirmation.
• High Security: Both emphasize strong security measures, ensuring secure transactions without usage fees.
• No subscription fee: Both do not charge any fee upon usage.

2.2. Differences between Apple Pay and Google Pay:

So, what are the differences between Apple Pay and Google Pay that make users choose one over another, let’s find out in the comparison table that we created below.

2.3. Which digital wallet has better security over informational confidentiality?

3. Final verdict: Which e-wallet should you choose Apple Pay or Google Pay?

Choosing between Apple Pay and Google Pay often depends on the business strategy, customer base, and partner associations. Both Google Pay and Apple Pay set standard requirements. Here are essential considerations if you are looking to set up a payment system for your company.

Merchant Requirements

1. Google Pay Accounts: Activated for use with credit or debit cards from specific banks like Citibank, Stanford, etc.
2. Apple Pay Accounts: Require completion of installation steps and integration with online payment platforms such as Braintree, and Stripe, among others, to support merchant payments.

Device Compatibility

1. Apple Devices: Support Apple Pay and Google Pay.
2. Android Devices: Typically support Google Pay and Google Wallet, but not Apple Pay.

The crucial factor between the two payment applications, Apple Pay or Google Pay, primarily depends on the device your company possesses and the preferred user interface:

1. Apple Devices: Enable the use of both Apple Pay and Google Pay.
2. Android Devices: Generally allow access to Google Pay and Google Wallet but do not support Apple Pay.

You need to align your payment solution choices with the devices you utilize and the user interfaces you prefer to use for your company. The decision often revolves around device compatibility and the specific payment platforms you wish to integrate into your business operations.

4. How can we help you unlock your international payment processing?

Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, we can

• Provide advisory services for international monetary transactions, optimizing business cash flow;
• Do PayPal Underwriting to get access to PayPal Pro and advanced features;
• Assist in registering and maintaining VIP accounts with international payment gateways, offering faster processing and lower fees.
• Offer guidance on compliance with payment gateway User Agreements and help resolve disputes.
• Help you create new PayPal Business accounts, crucial for those with prior account issues or high transaction volumes.
• Advise on strategies for increasing transaction limits with PayPal and avoid PayPal limitations and restrictions.

In addition, we offer corporate services for entrepreneurs in PayPal, Stripe non-listed countries wanting to set up their PayPal Business Account:

• Register a company in Singapore; Hong Kong, and the U.S;
• Open a corporate bank account in Singapore with a 99% success rate;
• Choose the right company types for tax optimization in Singapore;
• Apply for business licenses;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.

5. FAQs about Apple Pay and Google Pay

With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an  expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries

Our areas of expertise include:

• Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
• Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
• Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
• Opreation support:
• Registered adress;
• Foreign consular legalization;
• Trademark and patent protection registration in Singapore and the US;
• Employment Pass application in Singapore and Hong Kong;
• Website design, international SIM number provision;
• DUNS registration.

With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.

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