Overview and Summary
Google Pay, which is commonly referred as G Pay, is a digital wallet and an online
payment system which is developed by Google. It is created to enable users to
make payments with their mobile phones, tablets, or even watches. It was originally
launched in 2015 as Android Pay, the mobile payment service was released at
Google I/O, an annual developer conference held by Google.
Google Pay enables the users to send and receive money, and the payments can be
received directly into the bank accounts unlike other digital wallets. This eliminates
the concern of first receiving money in the mobile wallets and then transferring the
same into the users’ registered bank account.
Users don’t have to use the Google Pay app to receive payments. Google Pay has
simplified the process of transferring money and a user can do it even through
Google Pay offers certain benefits for both users and merchants:
It has also added security. The data of a user’s credit card or bank account is not
stored on the mobile device of the user nor is it stored in the system of the seller.
A matter of trust: There are billions of people who use several Google products like
Gmail, Google Chrome, the search engine, and Google Maps. So, it has a strong
brand name in the market that represents stability and has mass appeal. People
are more inclined to trust Google Pay than a new unknown mobile wallet.
G Pay also has an improved checkout experience. Sellers can offer a very simplified
checkout experience in just 2-3 clicks.