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Apple Pay, Samsung Pay, Google Wallet, and more: A guide to mobile payment apps

Security, savings, and convenience attract shoppers to 'mobile wallets,' payment apps such as Apple Pay, now available for phones and tablets. Check out these options. 

Mobile payment has been slow to take off. But with Apple and Samsung announcing their apps, this year is poised to be .

Oddly, security is both the , and what just might drive the shift toward mobile wallets in the end. Last year saw  like Home Depot and Target; and mobile wallets seem more attractive because many use "tokenization," a transaction process that substitutes credit card numbers with  . This is meant to make your credit card data immune to those types of databases hacks, because the stores never have your card numbers.

The recent flurry of data breaches is also driving the replacement of the current swipe-and-sign credit card with  (also called EMV), which create single-use codes and sometimes require the entry of a PIN for added security. As stores switch to the EMV system, these updates are also very likely to include compatibility for near field communication (NFC), the tap-to-pay technology used by many mobile wallets that allows customers to pay by holding their phones in front of a device at the register.

This past October, only . That's likely to be very different this October, when the Ìý³¦´Ç³¾±ð²õ.

Security isn't the only draw of these services: They promise increased deals, savings, and convenience too. Companies that are trying to make it easier for retailers to  for Apple Pay, Google Wallet, and other mobile wallets, and for shoppers to receive coupons when they're near a store.

A Comparison of All the Major Mobile Wallet Options

Thinking about switching to a mobile wallet? Here's what you should know about the top contenders, and their pros and cons.

Apple Pay

The October launch of Apple Pay put the spotlight back on mobile wallets. By early March, the number of retailers that accept NFC mobile payments . Apple Pay is also reportedly doing well on app and online purchases; according to a recent Fortune.com post, . A recent study, however, found that only  so far.

Setup: Apple Pay is set up through the Passbook app installed on Apple devices. Apple Pay is compatible only with newer devices: the iPhone 6 and 6 Plus, the iPad Air 2 and Mini 3, and the upcoming Apple Watch.

Payment: To pay, put the device near the store's reader and place your thumb on the device's . You can also easily pay within apps.

Loyalty programs, gift cards, and coupons: The PassBook app was originally designed to hold loyalty cards, gift cards, concert and movie tickets, and coupons.

Security: Apple Pay uses tokenization for secure payments, and the info is stored on a chip within the device itself. Apple doesn't store transaction details and . If the phone is lost or stolen, use Find My Phone to put it in Lost Mode, which will suspend Apple Pay. Or you can completely erase all information, including credit and debit cards, from the phone.

While Apple Pay users' information is safe,  and then using the system, often to buy high-price Apple items and re-selling them. However, a recent article by The New York Times says the , as they are responsible for approving the cards loaded to the mobile wallet. Verification has often been the last four digits of a social security card — something ID thieves often have. (Mashable notes the issue .)

Google Wallet

When Google Wallet launched in 2011, it failed to take the world by storm, partially because many major wireless providers instead supported the Softcard (formerly Isis) mobile wallet and even . Earlier this year, however, Google acquired Softcard and announced that . (If you're wondering about , it's not a consumer app, but an API for developers to use Google technology to create their own payment apps.)

Setup: Users can put in multiple credit cards and select one as the default tap-and-pay option. You're also asked to create a 4-digit PIN. You can also add money to the Google Wallet balance from your bank account for free or from a credit or debit card for a 2.9% fee.

Those switching to Google Wallet from Softcard, which shuts down at the end of March, won't be able to transfer data and will have to .

Payment: To use the tap-and-pay function in stores, you need an Android phone . To unlock the wallet, enter the 4-digit PIN and then tap. You can use Google Wallet on Google Play or within apps, as well as online wherever you see a Buy with Google button.

You can also  even if the recipient doesn't have Gmail. You can also opt for a physical Google Wallet card that allows you to spend from your Google Wallet balance or get cash at ATMs.

Loyalty programs, gift cards, and coupons: Enter account numbers or scan barcodes of your customer loyalty cards to the Google Wallet. You can also browse and sign up for loyalty programs within the app. As for coupons, use the Save to Google button to save offers from websites on your phone.

Gift cards also can be stored on Google Wallet, and you can easily view your balance, which is automatically updated for retail partners.

Security: Google Wallet uses tokenization, and the encrypted data is stored on Google's secure servers, so your information is never shared with the merchant or shown in the app. You also must use the 4-digit PIN to authorize payment. If the phone is lost or stolen, disable the account online, and if you lose the wallet card itself, you can lock it using the app. You can opt for instant notifications for transactions, and there's 24-hour security monitoring.

Samsung Pay

Samsung, which recently purchased , is offering a mobile wallet that can be used with current magnetic strip card readers, making it  in the US this summer. That's more than  that now accept Apple Pay.

Setup: Samsung Pay will be available on the Galaxy 6 and Galaxy 6 Edge, but . According to a Samsung press release, set-up requires a .

Payment: Samsung Pay will offer tap-and-pay technology, with the phone's  to complete a transaction. Nothing has been said about Samsung's ability to work with EMV readers, but it looks like something from LoopPay is .

Loyalty programs, coupons, and gift cards: Not much has been revealed about this aspect of Samsung Pay, however, LoopPay currently offers storage of loyalty cards, as well as insurance and library cards. According to the company's website, LoopPay also can store IDs, like your work ID and  — one of the main reasons you still need to carry a physical wallet. (Whether police officers and bouncers are on board with this remains to be seen.)

Security: Like Apple Pay and Google Wallet, Samsung Pay uses a tokenization system that doesn't transmit your card information to retailers. In the case of lost or stolen phones, Samsung's Find My Mobile feature can be used to locate, lock, or clear the phone.

CurrentC

 comes from , a group of retailers that includes Rite-Aid and CVS, as well as Walmart, Target, 7-Eleven, Kohl's, Lowe's, and other big-name merchants. , was recently accquired by PayPal.

The reason retailers like CurrentC is because it . It also gives stores access to consumer data, undoubtedly more appealing than the anonymity Apple Pay offers. CurrentC is available now only to  and isn't officially launching until later this year.

Set up: CurrentC will be available on  capable of supporting the app. According to the , you'll have to provide security info such as "driver's license number, Social Security number, date of birth, or answers to challenge and response questions" for verification purposes, plus name, mailing address, email address, and mobile device number, as well as payment cards and loyalty card info. (Right now, the cards mentioned on its website seem to be limited to , but additional payment options are slated.)

It will also determine your approximate location for local offers, and the app also may . Users have to provide information like a driver's license, Social Security number, and date of birth for security, not to be shared with marketers. (However, as CNN points out, the .)

Payment: Select the "pay with CurrentC" option, then open the CurrentC app, enter a 4-digit PIN and press Pay. The cashier then will either present a secure paycode to scan or you can press a button on the phone screen to pull up a QR code to scan. Select the payment account you'd like to use and press the Pay Now button. It will be accepted at 110,000 retail locations nationwide. , the app has a pay-at-the-gas-pump option as well.

Loyalty cards, coupons, and gift cards: As you can expect from a card created by retailers, the  for CurrentC looks like it will be the loyalty points and coupons. Rewards are  with participating retailers, and the app will also automatically apply offers, coupons and promotions. (And maybe you can finally say goodbye to that .) The TechCrunch preview shows a map of participating retailers. So far, Target gift cards are listed on the CurrentC site, but the app is expected to support a variety of gift cards.

Security: CurrentC uses tokenization, so the argument could be made that while the retailers may have marketing information, they won't have shoppers' financial information, which will be stored in a secure cloud. In the case of lost or stolen phones, CurrentC can be disabled via phone or online, as well as reactivated if your phone is recovered.

Stratos

Among the big mobile giants, a small tech startup is entering the competition with its , set to launch . It uses a combination of both an app and a physical card to consolidate all your other credit and membership cards.

Setup: Stratos costs $99 for one year and $145 for two years, and membership includes annual upgrades. Members receive the battery-powered Stratos card as well as a card reader that plugs into your phone's headphone jack. Upload your cards to the app by swiping them through the reader.

Payment: Upon release, Stratos will be compatible with the , including retailers, restaurants, gas stations, and ATMs. (As the chip and PIN transition moves forward, it seems as if the .)

While the app holds the information from an unlimited number of cards, the battery-powered Stratos card itself holds information for three cards for use even when your smartphone isn't nearby. To switch between the cards, you double-tap the Stratos card and make a selection, and an LED light flashes when it's ready to use. If you're using a card that's not one of the main three, , and then use the Stratos card. Stratos works at brick-and-mortar stores, but you .

Loyalty cards, coupons, and gift cards: Loyalty and gift cards can be uploaded using the scanner. According to the Stratos site, future upgrades will allow for of retailers on the app when the card is double-tapped. Membership also includes special offers and discounts from Stratos partners.

Security: In addition to tokenization of payments, the Stratos card itself does not display any of your card numbers — only your name — so if it is lost or stolen, your information is still safe. If the card is lost, users can . You can set your card to lock up automatically after a certain time away from your phone; to re-activate, just double-tap the card once it's within Bluetooth range of the phone.