Funancials

The Funny Money Blog

Impress Your Friends With These 3 Cool Payment Apps

Banking, Credit Cards ·

Mrs. Blinkin and I walked into Panera last night for dinner. We weren’t in the mood to cook and we wanted something that was quick and relatively healthy (so our options were limited). I find myself eating Panera more and more – not only for their food choices – but also for the experience. If we’re in a hurry, my wife will place an order through Panera’s mobile app so that, 5 minutes later, we can efficiently swing by and scoop our food. If we’re feeling recluse and the thought of human interaction is just too much, we can place our order from their self-service tablet, find our order waiting on a shelf and not have to speak to a soul. Some days, after endless conference calls and meetings, this silence is golden. But, other nights (like last night), in a friendly mood, I un-noticeably (probably not a word) whip out my iPhone 6 and use Apple Pay to make the payment.

The cashier and her co-workers were in awe.

Cashier: “Did it go through?” 

Co-worker: “Is that it?” 

Me: “It says it’s approved.”

The receipt prints and I walk away feeling like a BOSS.

Cool Payment App #1 – Apple Pay

I understand that the act of pulling out a credit card and swiping it is not difficult. In fact, it’s ease has caused consumers to overspend for years. So, the last thing we need is a more-seamless transaction. But, that’s exactly what we have.

If you have an iPhone 6 or iPhone 6 plus, you can pay at roughly 220,000 retailers in the U.S. by simply waving your phone in front of their credit card terminal. The process to upload your credit cards and debit cards into the Passbook is extremely easy and only takes a second. The application uses a security measure known as tokenization meaning that your sensitive card number is replaced by a unique, “useless if stolen” token. The tokenization paired with Apple’s Touch ID – using your finger print to authorize a transaction – actually makes Apple Pay a more secure way to pay than the traditional credit card swipe or the extremely antiquated act of writing a check. I previously wrote an article telling you why Apple Pay is a game-changer.

Pros:

  • It’s free
  • It’s easy to set up and use
  • It’s Apple (a lot of consumers already store sensitive data through iTunes)
  • It’s secure
  • Paying with it will make you look like a BOSS

Cons:

  • Only available on iPhone 6 and iPhone 6 Plus
  • Only select banks are participating at this time
  • Only a small percentage of retailers accept NFC payments

If you want Apple Pay:

  • First step: Buy an iPhone 6 or iPhone 6 Plus
  • Second step: Upload your credit card or debit cards through Passbook

Cool Payment App #2 – LoopPay

You probably haven’t heard of LoopPay, have you? That’s only because PEOPLE LOVE READING ABOUT APPLE, so the news bloggers of the world LOVE TELLING YOU ABOUT APPLE (to get clicks). But, what they rarely tell you is that their may be something better.

For example, how cool would it be if Apple Pay were widely accepted? Instead of 220,000 participating locations, what if over 10 million retailers accepted it? What if every bank and credit union participated? What if businesses didn’t have to invest in new payment technology in order to accept contactless payments? Or what if you could use your existing iPhone OR Android phone instead of having to buy a new one?

Well…you can.

And that aforementioned “something better” is called LoopPay.

LoopPay is the MOST ACCEPTED MOBILE WALLET ON THE PLANET. How is that possible? Because…rather than relying on Near Field Communication (NFC) to transmit information from your phone to a credit card machine, LoopPay uses their patented technology – known as Magnetic Secure Transmission (MST). A payment can be made by holding their KEY FOB, their PHONE CASE or the LoopPay Card next to an merchant’s credit card machine. You can securely store your credit cards, debit cards, loyalty cards, gift cards AND (with the phone case) your ID! This means that you can literally leave your wallet at home.

Pros:

  • Accepted at over 10 million businesses (90% of retail locations)
  • Over 5,000 participating banks, credit unions and issuers
  • Available on iPhone 6, 6 Plus, 5s, 5, 4s, 4; Samsung Galaxy S4, S5 and Note 3; LG G3; Motorola Moto X, Moto X 2014 and Droid Maxx
  • Paying with it will make you look like a BOSS

Cons:

  • It’s not free (Cost ranges from $29.95 to $89.95)

If you want LoopPay:

  • First step: Click on my LoopPay affiliate link (I receive a small payout if you choose to buy)
  • Second step: Choose which LoopPay product you want
  • Third step: Download the LoopPay app
  • Fourth step: Add your cards

Cool Payment App #3 – Coin

I am a sucker for skinny wallets, so the thought of George Costanza’s wallet makes me cringe. If you’re like me, then I think you’ll really like Coin.

Coin is a sleek-looking, connected device that looks and swipes like a traditional credit card. However, rather than connecting to 1 deposit or credit account, Coin will store and allow access to all of your debit, credit and loyalty cards and accounts. Just imagine your wallet inside your credit card – and that’s Coin. Now also imagine your phone alerting you if your card is left behind somewhere. That’s a pretty neat security feature, right?

Right.

I used to be obsessed with Coin; but, they continue to disappoint me. You see…I purchased my Coin last Christmas (2013) with the expectation of receiving my Coin this past summer (2014). After a flurry of emails from Coin Spokespeople, I was informed that Coin is not yet ready to ship. In fact, the product likely will not be ready until 2015. That’s fine, I’m cool with that.

But, what I’m not cool with is how Coin started referring to original purchasers of their product as “Backers” – seeing us as investors in a beta program. We were informed that our purchase amount would be applied to a beta test and that we would have to REPAY if we wanted the final product. After a lot of backlash, Coin finally retracted their statement but it left a bad taste in my mouth.

Even though I’m annoyed with the company, I have to admit that they have a cool product (with lots of demand) and I eagerly await receiving mine in the mail – whenever that may come.

Pros:

  • Accepted at any business that accepts credit cards (even ATMs)
  • Paying with it will make you look like a BOSS

Cons:

  • It’s not free (Cost is $117.50 with sales tax & shipping)
  • If you order now, you won’t receive it until Summer 2015
  • I don’t fully trust the company because of already-broken promises

If you want Coin:

Readers, are their any other cool payment apps or mobile wallets that you recommend?

A Blinkin

Hunter, aka A. Blinkin, is the blogger behind Funancials. His experience in banking, lending, payments and investments has earned him the title of "Personal Finance Guru." In addition to helping people with their finances, Hunter enjoys crunchy tacos, open mouth kisses from his 2 baby boys and writing in third person.

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I'm a big believer in transparency. As such, you should know that I make money from this blog. Weird, I know. The way I make money is simple: I occasionally link to products and companies that I believe provide tremendous value. If you choose to sign up, I may receive a small payout. This payout comes at no additional cost to you and, trust me, it's small. I'm in no position to quit my day job. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.