Apple's mobile e-payment service Apple Pay, isn't a huge threat to credit card companies but it competes against major players like Google Wallet.

Both Google and Apple want to provide mobile payment services by simply authorizing transactions using digital wallets on mobile devices.

Like Us on Facebook

The battle of these two services will likely heat up when Apple Pay reaches its full potential.

Apple Pay is a new player while Google Wallet started in the United States in September 2011.

Deciding which mobile payment is better is a bit difficult since both of them promises a convenient service. Highlighting the features of these two services will help consumers choose one.

Google Wallet

It's been more than three years since Google Wallet started out. In that time span, it gained enough time to work out the kinks in its mobile payment platform.

Google Wallet offers full fraud protection. It frequently monitors its system for possible fraud. Moreover, Google Wallet users hit by fraudulent changes will receive a 100 percent reimbursement.

There's a four-digit PIN required to unlock the Wallet app and start sending money.

Google's mobile payment service is cross-platform and works well for Android- and iOS-based devices. The Apple version of Google Wallet works with online purchases and gift card transactions.

MasterCard is Google Wallet's major partner. Google Wallet's also accepted in many MasterCard-friendly locations around the world.

Recently, Google partnered with Visa to license the company's payWave system to support Google Wallet.

Making payment isn't the only feature of Google Wallet. It also acts as a device to transfer money. It allows users to send money electronically to other parties that will be notified as soon as they've received the cash.

Apple Pay

It's not yet confirmed if Apple Pay can truly deliver security and convenience despite its unique payment identifier that protects transaction details and a buyer's identity.

Apple Pay claims it ensures that if a user's phone is stolen, the device can't be used to make any payment at all. In addition, it doesn't share any personal identification like credit card numbers with merchants.

On the plus side, Apple Pay partners with major credit card companies such as Visa, MasterCard and American Express. It also teams up with largest banks in the world, including Citibank and Bank of America.

It's also supported by more than 220,000 retail outlets such as Nike, Bloomingdale's, McDonald's and Macy's. Users can also expect more retail stores to join Apple in the coming months.

Unfortunately, Apple Pay only works on iPhone 6 and Apple Watch,

TagsGoogle Wallet vs Apple Pay, Google Wallet