Money Is The Main Way We Measure The Value Of A Company Or Item

1166 Words Dec 14th, 2014 5 Pages
Money is the main way we measure the value of a company or item. Most people pay for an item with either a credit or debit card; a smaller portion or the population uses cash to pay for purchases. A third option developing and gaining momentum. The development of Google Wallet and Apple Pay has allowed people to begin paying for in store purchases with their smartphones. These payments are known as NFC (Near Field Communication) transactions.
NFC payments work by storing your credit, debit, and banking information with the source company. The information is stored securely in Cloud by these companies. This information is associated with your Apple Pay or Google Wallet account. You can log in to a device and use you phone to pay for purchases. The retailer you are purchasing from must have an appropriate reader. You must first be in the payment app on your phone. Your phone is placed close to or on the reader and you must either scan your finger or enter a password for the payment to go through. The payment must then be approved by a chip called a secure element, which sends approval after the payment is authorized, completing the transaction. NFC transactions are becoming a very secure and quick way to pay for purchases. These purchases are becoming more normal in stores, on vending machines, and in busy metropolitan areas.

The one major difference between Apple Pay and Google Wallet is how the fees are billed to a merchant. Apple has convinced credit issuers to treat…

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