The growing popularity of Apple Pay will cause a wider acceptance of mobile payment systems – a technology segment that does away with the need for physical cash by allowing you to make payments with your smartphone.
Also called as digital wallets or e-Wallets, mobile payment systems allow you to make in-store and online payments as well as money transfers by downloading an app onto your phone and linking the service or app account to a bank account or credit/debit card.
Popular mobile payment systems, other than Apple Pay include Google Wallet, PayPal, LevelUp and Square Wallet. As of now, a majority of these are available only in the US, though we may some of them expand to other countries in the coming year.
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