There wasn’t a whole lot of fanfare surrounding the 2011 launch of Google Wallet™ — a mobile payment technology that allowed users to shop in stores or send money to friends and family members.1
For starters, PayPal had already cornered the peer-to-peer (P2P) payment market, leaving little room for Google’s new service. And mobile payments were still a relatively untested technology throughout the retail industry.
Google Wallet may have been a cool service, but there simply wasn’t a burning need for what the platform offered.
Adoption of this virtual wallet was quite slow. Part of this stemmed from the complicated process involved when shopping in person:
All of this assumed the merchant had a near field communication (NFC) terminal that could accept contactless payments from smart devices. In 2011, very few retailers did.2
This changed when Apple introduced its own mobile payment technology — Apple Pay® — in 2014.3
The core features were essentially the same as Google Wallet, but Apple established merchant relationships before introducing its new service. By bringing more retailers on board, the company was able to pave the way for faster and wider consumer-side adoption.
Better still, Apple Pay came pre-integrated with later versions of the iPhone® and iPad®. This prompted Google to respond with Android Pay™.4
Android Pay wasn’t an innovative breakthrough in mobile payment technology, but this new service was able to ride on Apple’s coattails now that more vendors were set up for NFC payments.
Plus, users didn’t have to download a dedicated app since Android Pay came automatically integrated with all later Android devices.
But Google now had a branding problem:
Enough users were confused by these somewhat overlapping payment technologies that Google decided to bring both services under one unified platform.
In 2018, the company launched Google Pay™.5
Google Pay is being heralded as a cross-platform payment system that works on any device, browser and operating system:
Moreover, users can upload multiple credit, debit, and gift cards to their accounts, and they can manage all of this payment information through a single Google-tied login.
In addition, Google Pay delivers some pretty useful features such as:
The motivation behind this rebranding is clear: Google wanted to eliminate confusion. By bringing Google Wallet and Android Pay under one roof, the company has moved closer to a universal payment option that works across the board (except for with cash-based businesses).
However, customers also benefit from this move:
Merchants also benefit from these new Google Pay solutions.
If you’re already using Android Pay or Google Wallet as a consumer, very little will change about your day-to-day experience. Both services now exist under a single logo, and you can still:
How do you sign up for Google Pay as a merchant? If you already accept contactless payments at your brick-and-mortar store, you’re technically set up for Google Pay. If you operate an online store, Google makes integrating this payment technology very straightforward.
To learn more about accepting Google Pay with your merchant account, contact a payments expert today.
1 “How many Google Wallet users are there? Google won’t say – but we can,” The Guardian, 25 September 20142 “Your mobile phone is becoming your wallet,” CNN Money, 19 January 20113 “Apple Announces Apple Pay,” Apple, 9 September 20144 “Google launches Android Pay to take over where Google Wallet failed,” The Guardian, 2 March 20155 “Google Launches Google Pay, Its Answer to Apple Pay,” Fortune, 20 February 2018 6 “5 ways Google Pay can save you time and money at checkout,” The Keyword, 2 May 2018
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