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Management Consultant at UBS | Growth Manager at What The FinTech | Ex FinTech Analyst at DBS | Strategy Consulting | Transformation | Video Content
Recently I came across a clear infographic produced by ByteByteGo on "How Apple Pay and Google Pay handle sensitive credit card information?" Both Apple Pay and Google Pay are secure payment methods, but they differ in their implementation. Here are the key differences: 1. Tokenization and Security: - Apple Pay uses special codes called payment tokens to represent your sensitive credit card information. These tokens provide a high level of security. - Google Pay, formerly Android Pay and Google Wallet, also utilizes tokenization technology. It creates a secure environment for digital payments. 2. How Both Systems Work: - Both services start by obtaining important credit card information from your device. - Neither Apple Pay nor Google Pay keeps the main credit card number (PAN) on your device for added security. - When it's time to send this information: - Apple Pay safely sends the credit card info to the bank. The bank then sends a special number called the device account number (DAN) back to your device. - Google Pay works similarly but saves card info on Google Server. Then, Google passes a payment token to the phone. 3. Payment flow: Apple Pay: The #ecommerce server passes the device account number (DAN) to the bank. Google Pay: The e-commerce server passes the payment token to the Google server. The Google server looks up the credit card information associated with the token. Finally, the Google server passes this credit card info to the bank. Which one do you prefer and why? 🤔 #payment #applepay #googlepay #ewallet #mobilepayment #fintech What The FinTech
Informative breakdown! Both Apple Pay and Google Pay offer robust security features, but their implementation differs. Which aspects of each system do you prioritize when choosing a payment method?
I prefer Apple Pay as it does not store the info directly on a server like Google Server ...
I believe these two services paint a good picture of how far tech has come in the service of consumer finances.
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7moSecurity has to be the priority for both payments systems which must promote greater user confidence