Forget your wallet: It's time to start paying for everything with your phone.

This article has been updated. Originally published September 2, 2020.

Most people carry three essentials: keys, wallet, and phone. But a growing number are simplifying, ditching cash and cards for the convenience of mobile payments. This isn't about phone cases with cash slots; it's about using your phone for secure, contactless transactions. It might sound futuristic, but waving your phone at checkout simplifies life considerably.

Upgrading from cash and cards might seem daunting if you're unfamiliar with app-based payments. Rest assured, it's safe and surprisingly easy. You likely already have the necessary apps.

Mobile Payments Explained

While the convenience is appealing, security concerns often keep people clinging to traditional methods. Understanding how these platforms work and their enhanced security is crucial.

[Related: Top 7 Money Transfer Apps]

A stolen credit card allows unrestricted use online and in stores, leaving you to notify your bank. Smartphone theft is different. The thief still needs your passcode, fingerprint, or facial recognition to make a payment. A locked phone means your money is safe.

Near Field Communication (NFC) technology underpins these platforms. Used by both Google and Apple, NFC confirms your device's authorization to make payments using an encrypted code, not your actual card details. Your card information is securely stored on your phone and not shared with third parties.

Setting Up Mobile Payment on iPhone

Apple Pay, launched in October 2014, is pre-installed on iPhones and Apple Watches. It supports online, in-app, and in-store contactless payments.

To set up Apple Pay on your iPhone, go to Settings > Wallet & Apple Pay. Link your credit or debit cards. You can add new cards or edit existing ones.

To add cards to your Apple Watch, use the Watch app. Go to My Watch > Wallet & Apple Pay. This enables payments even without your iPhone.

Once your card details are entered, unlock your phone (passcode, Touch ID, or Face ID) and tap your device on the contactless terminal.

Setting Up Mobile Payment on Android

Google Pay, launched in September 2015, functions similarly to Apple Pay. It supports in-store, in-app, and online payments on phones, tablets, and WearOS watches.

Manage cards and payment info through the Google Pay app. Existing in-app payment cards can be easily added. For WearOS watches, install the Google Pay app on your phone and select a card on your watch.

Like Apple Pay, your device must be unlocked. Smartwatches don't require authentication for every transaction, but removing the watch necessitates re-authorization via your phone.

Google Pay works with most contactless terminals. Unlock your phone, tap it on the terminal, and wait for confirmation. It uses authorized tokens, not your actual card details.

Samsung Pay, while named for Samsung, works on most modern Android phones but only Samsung Galaxy smartwatches. Download the app, add your cards, unlock your phone, and tap to pay. A key advantage is its compatibility with both newer contactless and older magnetic stripe terminals (newer Samsung devices only).

Other Payment Apps

Beyond in-store payments, apps facilitate peer-to-peer transactions and bill splitting. These apps require linking to a bank account or card, a straightforward process.

PayPal (Android, iOS), a long-standing option, offers user-friendly mobile app functionality. Link a bank account, debit/credit card, or use your PayPal balance for free peer-to-peer payments.

[Related: Secure International Money Transfer Apps]

Cash App (Android, iOS) simplifies sending money; recipients don't need a Cash App account—just their email address. Linking debit cards is free; credit cards incur a 3% fee.

Venmo (Android, iOS), owned by PayPal, is more social-media oriented, facilitating bill splitting. Payments to other Venmo users are free (linked bank account, debit card, or Venmo balance); credit cards incur a 3% fee.

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