Paper money is so 2015. Just pull out your phone and click to pay. But which one should you use?

You no longer need to carry a bulky wallet filled with numerous credit cards or cash. With a mobile wallet, you simply use your smartphone to pay for your transactions. Most electronic wallets are free and to begin, you just download the app on your smartphone. Many of these apps, such as Apple Pay, Android Pay and Samsung Pay, are becoming increasingly popular and compatible with many card readers, credit cards and banks.

Android Pay, Apple Pay and Samsung Pay are some of the most common mobile wallets available. Aside from the differences in mobile platforms, there are many advantages and limitations to each option.

With Android Pay, you can add most credit, debit and gift cards to the application. You can also store all your loyalty cards within the application as well, helping you maintain reward points. With Android Pay you don’t need to open the actual application when making a transaction. Android Pay uses near field communication technology (NFC). This allows you to transmit all your credit card information between your phone and the card reader. If the store has a newer card reader and accepts this mobile wallet, you can simply hold your phone to the card reader, while the phone is open. There is no fingerprint authentication required with this application.

Security is always a concern when it comes to your financial information. Instead of using your actual credit card number and other personal information when you use Android Pay, this application uses a virtual account number, ensuring that all your personal information is secured on your phone. And if your phone is lost or stolen, you can easily lock the phone, create a new password or completely wipe all financial information until the phone is recovered again.