Mobile wallets comparison – which is the best?

Mobile payments are now a part of everyday life, allowing for fast and secure transactions using a smartphone. Apps like Apple Pay, Google Pay, Curve Pay, Samsung Pay, and MobilePay allow users to pay contactless, online, and in-app without a physical card. This article presents the most popular mobile wallets, their features, costs, and how to set them up.

Mobile payments

In everyday terms, Mobile payments mean making purchases using a smartphone via contactless technology. More broadly, the term also includes payments made within apps and online stores, as well as sending money via mobile devices. Mobile payments rely on a dedicated service called a mobile wallet. Apple Pay is one of the most famous examples.

With mobile payment, there’s no need to carry physical payment cards, which makes spending more convenient – ​​after all, most people’s phones are always close at hand. Mobile wallets can also use virtual payment cards at standard POS terminals. The virtual card exists only as a number with no physical form. Advanced wallets can also send loyalty program details along with payment information, speeding up the payment process.

NFC contactless payments

Most mobile payment methods use NFC (near field communication) technology, which allows short-range wireless data exchange between the payment terminal and the phone.

When exiting, the user holds their mobile device close to the station to establish a wireless connection. A mobile wallet sends card details to the device, usually using tokenization – a security feature that replaces the actual card number with a one-time code. This approach enhances security and reduces the risk of unauthorized access to card data. Once authorized, the transaction is processed just like a regular card payment.

To use mobile payment, you need an NFC-compatible device, a suitable mobile wallet app, and a payment terminal that supports contactless transactions.

Popular mobile wallets

Here’s a look at some of the most popular mobile wallets from the perspective of users in Europe. Although they are designed for everyday convenience, mobile wallets can also help enhance security when using credit cards abroad. However, no technology guarantees complete security, so it is essential to manage your payment methods carefully.

Apple Pay

Apple Pay Apple’s mobile payment service is available on iPhones, Apple Watches, and other Apple devices. It uses encryption to process card information securely.

Setting up Apple Pay is simple, especially within the Apple ecosystem. The service provides high security and is widely accepted among merchants. The main limitation is that it only works on Apple devices, as the NFC chip has long been locked to third parties. Although not all payment cards are compatible, most major Finnish banks support Apple Pay.

Google Pay (Google Wallet)

Google Pay It provides Android users with a contactless payment experience similar to Apple Pay. It works on most Android smartphones and select Wear OS devices. Google Pay integrates with Google Wallet.

Google Wallet stores digital cards and other information, while Google Pay uses it to make payments. Wallet combines payment cards, loyalty programs, and transit cards in one convenient place.

Although Google Pay is widely accepted, compatibility varies by device and bank. Not all cards can support Google Pay, although most major banks do. Security and implementation closely mirror Apple Pay, but Google Pay’s strength lies in its seamless integration with other Google apps and services.

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Payment curve

Curve Pay is a next-generation mobile wallet that consolidates multiple payment cards into one physical card and digital wallet. It supports NFC and tokenization payments, such as Apple Pay and Google Pay. One unique feature is the physical card option that represents all stored cards, which also allows for cash withdrawals from ATMs.

Since Apple recently opened up its NFC chip to third parties, Curve Pay has introduced contactless payments to iPhone users as well, greatly expanding its reach. Curve Pay works seamlessly on both Apple and Android devices, freeing users from being locked into a single operating system.

Curve Pay is not tied to a specific ecosystem like Google Pay or Apple Pay.

Curve Pay offers more features than Apple Pay or Google Pay. Although basic functionality is free, a monthly subscription opens the door to additional benefits such as cash back and lounge access. Curve Pay also allows users to retroactively switch the card that was charged for a transaction (“go back in time”), allowing you to change the payment source after the purchase.

Curve Pay handles currency conversions without any additional fees.

Unlike traditional wallets that primarily focus on payment processing, Curve Pay acts as a card management platform, combining additional perks and management tools into a single app. Almost any Visa or Mastercard can be linked without the need for direct banking support.

Samsung Pay

Samsung Pay It is Samsung’s mobile payment solution that supports NFC and other proprietary technologies across Samsung devices.

Samsung Pay works similarly to Google Pay but is exclusive to Samsung phones. Samsung has partnered with Curve Pay to offer Samsung Pay+, allowing users to manage Curve Pay cards within the Samsung Pay app.

MobilePay

MobilePay It is a mobile wallet popular in Finland and Denmark, designed to facilitate contactless money transfers and payments via phone. It supports most Android and iOS devices and features group spending sharing and gift sending. You can also use it for online payments.

MobilePay links the user’s bank account or cards to the app, with transactions conducted via phone numbers. In stores, payments are made by either scanning a QR code or holding the device near a payment terminal. However, contactless payments require manual confirmation on the phone screen.

MobilePay is widely accepted in Finland and Denmark, although performance depends on the bank and device. Its main strengths are ease of use, speed and secure payments or transfers without sharing IBAN details.

A limitation of MobilePay is that it mainly only works in Finland and Denmark.

Mobile wallet prices

All of the mobile wallets featured here offer free basic usage. Curve Pay charges for premium features via monthly or annual fees, and MobilePay may apply fees for some special transfers. Compared to Google Pay and Apple Pay, Curve Pay has the advantage of offering free currency conversion – a feature that others don’t offer.

Start using mobile wallets

Before you get started, think about which service best fits your needs and device ecosystem. For example, Apple Pay works exclusively on iOS, Google Pay on Android, and Curve Pay on almost all devices and operating systems. It’s often best to choose one basic payment service and supplement it with MobilePay for Finnish and Danish bank transfers.

All the apps are readily available on app stores and easy to set up. To start making transactions, you’ll need to verify your identity and add at least one payment card.

Which mobile wallet is right for you?

Your ideal mobile wallet depends on your personal preferences. Apple Pay, Google Pay, and Samsung Pay operate reliably within their own ecosystems and offer similar core features. Curve Pay is ecosystem-independent and packed with additional features, making it especially useful for travelers or users looking for more flexibility. However, for everyday payments, Apple, Google, or Samsung Pay are usually sufficient.

MobilePay is different from these wallets but is preferred due to its simplicity and convenience in peer-to-peer transfers, which makes setting it up worthwhile. It is wise to have an additional mobile wallet to handle payments as well.

Bottom line

Mobile payments provide a fast, convenient and secure way to pay. The best mobile wallet depends on your device and usage habits, and most services are free for basic use. Curve Pay offers a versatile option independent of any ecosystem, while MobilePay shines with its direct service designed specifically for Finnish users.

Users should select the mobile wallet options that best suit their needs, and it is perfectly acceptable to use multiple wallets at once. Additionally, some country-specific solutions can offer additional benefits to international mobile wallet users.

Tags: payment card, mobile wallet, currency exchange
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