Apple Pay:

Iphone users can pay using their M-wallets through Apple Pay App which in this case is only usable with iphone 6 and the iphone 6plus. You can also add your credit/debit cards to Apple Pay through the Passbook app. To pay, you simply have to tap on the NFC terminal of your iphone and put your finger over the home button in order for Touch ID to verify your identity.

Samsung Pay:

Samsung has also announced its M-wallet App called as Samsung Pay but it's not yet available but surely it works similarly to Apple’s Apple Pay App, but instead of only relying on NFC technology, Samsung here has used its purchase of Loop Pay to integrate a technology that makes you feel like a magician. The exact month of its App release is not clear, but those purchasing a Galaxy S6/Galaxy S6 Edge will have access as soon as it's launched.

Conclusion:

Here experts believe that banks starting m-wallet service is an irony in itself and the e-wallet companies like Paytm store money for your transactions while banks also do the same by holding your money in their accounts. Banks need to capitalize on this new form of transaction before it is too late because if banks continue neglecting this upcoming mode of transaction, then online players like PayTM and Mobikwik might force traditional instruments like credit and debit card to phase out.