Cashing onto the huge growth prospects of the rapidly evolving global mobile payments ecosystem, Google has introduced Google Pay as a successor of Google Wallet and Android Pay. Google, which has been operating in the mobile payment and wallet space through its digital wallet platform Android Pay, has made a strategic move towards increasing its global presence through collaborating with its P2P payments service Google Wallet. Google Pay combines the features of both enabling tap-to-pay and in-app purchases on Android powered mobiles, watches and tablets enabled by Android Pay and zero-cost fund transfers between devices facilitated by Google Wallet.
Apart from the combined features of the two apps, Google Pay app also incorporates new features including additional security layers. The app comprises two sections – the Home section and the Card section. The Home section provides various useful information relating to rewards, recent payment activities and participating shops and stores nearby and the Card section includes all the information relating to the debit cards, gift cards, credit cards and rewards of the user.
Google plans to provide support to the new app among all the Google products and across the global offline and online stores through partnerships. The app, currently operational for paying transit fares in cities including Portland, London and Kiev, is expected to be rolled out to more cities.
Though China is the largest mobile payments market in the world, the biggest drawback for its digital wallet providers Alipay and WeChat is their geographical reach. Google, on the other hand, has a global reach with dominance in in online services including video and search and a vast user base of the Android phone users. Compared to the western countries where the payment ecosystem is more mature with the use of debit and credit cards, Google also sees a huge opportunity of growth in Asia where the people are more dynamic in adopting the digital wallet payment system.
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