Mobile Payments
In everyday use, mobile payments mean making payments with a smartphone via contactless. More broadly, the term also covers payments in apps and online stores, as well as sending money with mobile devices. Mobile payments require a separate service called a mobile wallet. Apple Pay is one well-known example.
You don’t need a physical payment card for mobile payments, which makes it very convenient – the phone is usually within reach. It also enables the use of virtual payment cards at regular merchants. A virtual card is a card that has only a number and no physical form. Advanced mobile wallets can pass loyalty information in addition to payment data, making checkout smoother and faster.
NFC Contactless Payments
Most mobile payments on devices rely on NFC (Near Field Communication). NFC enables short-range wireless data transfer between the card reader and the phone.
At checkout, the user brings the mobile device close to the payment terminal, creating a wireless connection. The mobile wallet passes card details to the terminal, but most wallets use tokenisation, replacing the actual card number with a single-use token. This improves security and reduces the risk of card data leakage. Once the payment is authorised, the payment details are forwarded to the payment processor, just as with a regular card transaction.
Mobile payments require an NFC-compatible device, a compatible mobile wallet app, and a payment terminal that supports contactless.
Most Popular Mobile Wallets
Below, we introduce the most popular mobile wallets from a Finnish user’s perspective. Although mobile wallets are designed for everyday use, they can also enhance security when used with credit cards while travelling . No security technology guarantees complete safety, so it is the user’s responsibility to handle payment methods carefully.
Apple Pay
Apple Pay is Apple’s mobile payment service available on iPhone, Apple Watch, and other Apple devices. It uses tokenisation to keep card data secure.
Setting up Apple Pay is effortless, especially within Apple’s ecosystem. The service is highly secure and accepted by nearly all stores. The limitation, however, is that it works only on Apple devices, and the NFC chip has long been closed to other providers. Not every payment card can be added to Apple Pay, but cards from major banks are widely supported.
Google Pay (Google Wallet)
Google Pay gives Android users a contactless payment experience similar to Apple Pay. It works on most Android devices and specific Wear OS devices. Google Pay is linked to Google Wallet.
Google Wallet and Google Pay work together so that Wallet stores digital cards and other information, and Google Pay uses them to make payments. Wallet brings payment cards, loyalty cards, and transit cards into one place, making them easy to manage.
Google Pay is widely supported, but its functionality can still vary by device and bank. Not every card can be added, even though most major banks support it. The implementation and security are very similar to Apple Pay, but Google Pay’s advantage is its seamless integration with other Google services and apps.
Curve Pay
Curve Pay is a second-generation mobile wallet that consolidates a user’s different payment cards into a single physical card and then into a digital wallet. It enables NFC payments like Apple Pay and Google Pay, and supports tokenisation. A key advantage is that you can also get a physical card that acts as a representative of the stored cards. Thanks to this, withdrawing cash from an ATM is also possible with Curve Pay.
After Apple opened its NFC chip to third parties, Curve Pay has been able to bring contactless payments to iPhone users as well, which has significantly expanded its use cases. Curve Pay, therefore, works on both Apple and Google devices. This is an excellent advantage, as the user no longer needs to commit to a single ecosystem.
Curve Pay isn’t tied to a single ecosystem like Google Pay and Apple Pay.
Curve Pay is a mobile wallet that offers more features than Apple Pay or Google Pay. Core features are free, but a paid monthly plan adds perks like cashback and lounge access. Curve Pay also lets you move transactions from one card to another after the fact (“Go Back in Time”), so a completed payment can be switched to the desired card.
Curve Pay also handles currency conversion without a fee.
Curve Pay differs from traditional mobile wallets in that it is not only a payment method but also a card management tool. Apple Pay and Google Pay focus mainly on processing payments, whereas Curve Pay combines management and extra benefits in one app. You can link almost any Visa or Mastercard to the app without bank-specific support.
Samsung Pay
Samsung Pay is Samsung’s mobile payment system that supports NFC. It offers broad acceptance within the Samsung ecosystem.
Samsung Pay functions similarly to Google Pay, but it works only on Samsung devices. Samsung partners with Curve Pay and has created the Samsung Pay+ service, which lets users access Curve Pay’s card management directly through Samsung Pay.
MobilePay
MobilePay is a mobile wallet designed for Finnish and Danish users that makes money transfers and contactless payments easy by phone. It works on most Android and iOS devices, and the service also lets users split expenses in groups and send gifts. You can also pay online with MobilePay.
MobilePay works by linking a bank account or cards to the app, and payments and money transfers are handled via a phone number. The app gathers payment cards and accounts in one place, making management quick. In stores, you can pay by scanning a QR code or bringing the device close to the payment terminal, but contactless payment does not happen automatically – the user must confirm the payment on the phone screen.
MobilePay is widely supported in Finland and Denmark, but its functionality can vary by bank and device. The service is easy and fast, and it offers a secure way to pay and send money without sharing IBANs.
The downside of MobilePay is that it mainly works only in Finland and Denmark.
Mobile Wallet Pricing
All of the wallets above are free for basic use. Curve Pay’s extra features come with a monthly or annual fee, and MobilePay may charge additional fees for transfers between private individuals. Compared with Google Pay and Apple Pay, Curve Pay’s advantage is free currency conversion, which users of other services do not get.
How To Get Started With a Mobile Wallet
Before setting up a mobile wallet, it’s worth deciding which service to choose, as the device ecosystem affects this. For example, Apple Pay works only on iOS devices and Google Pay on Android, whereas Curve Pay suits users across all devices and operating systems. It is advisable to choose one primary Pay service for payments, and to use MobilePay for Finnish bank transfers.
All apps are available in the phone’s app store, and getting started is easy. The user must verify their identity and enter their details, as well as at least one payment card for processing payments.
What’s Best
The best mobile wallet depends largely on the use case. Apple Pay, Google Pay, and Samsung Pay all work reliably in their own ecosystems, and their features are mostly similar. Curve Pay’s advantage is ecosystem independence and more versatile functionality, which makes it particularly suitable for travellers and those who value extra features. For everyday use, Apple, Google, or Samsung Pay can be entirely sufficient.
MobilePay is a bit different from the others, but many consider it the best and easiest way to transfer money between individuals, so it is worth setting up. In addition, choose another mobile wallet for making payments.
Bottom Line
Mobile payments make paying fast, effortless, and secure. The right mobile wallet depends on purpose and device, but most services are free for basic use. Curve Pay offers an ecosystem-independent, feature-rich solution, while MobilePay’s strength is its simplicity for Finnish users.
We recommend readers choose the options that suit them best, which can be more than one.