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The Benefits of Google Pay for Merchants & Consumers

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December 17, 2020
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Mobile-first payment options (including Google Pay, Apple Pay and others) continue to grow in popularity for person-to person, retail and even bill payments. As options expand, however, you may feel like you’re constantly playing catch up to keep up with consumer preferences. 

In this article, we’ll take a look at one popular mobile payment option, Google Pay, and the benefits it provides for both merchants and consumers. 

What is Google Pay? 

Google Pay is a digital wallet platform and online payment system that allows users to make tap-to-pay and in-app purchases on mobile devices and to make payments on their Android devices, including tablets, smartphones and smart watches. iOS users can also access Google Pay through their mobile devices. 

The Google Pay wallet (previously Google Wallet, but now under the same product name) can hold a number of different types of digital ‘passes,’  that are accessible with a click, such as airplane tickets, loyalty cards, coupons and even electronic bills. 

Though still lagging behind Apple Pay in consumer adoption, over 150 million people in 30 countries use Google Pay every month. And with a sharp rise in contactless and remote payments, the future looks bright for Google’s payment product.

The Google Pay app was redesigned in November 2020 for an improved user experience. In 2021, digital banking will also be available through the app, alongside core functions such as payment card storage, tap to pay, P2P transfers and autofill payments.

The Benefits of Google Pay for Consumers 

Security

Security continues to be a top concern for consumers, especially as more payments migrate online. Google Pay was developed with privacy and security at the forefront.

Payment information is stored on Google’s secure servers and is always encrypted. Passkeys are also used to protect sensitive financial information, and fingerprint readers and face identification further increase the level of security on many Android devices. 

Finally, using cards already stored in Google Pay means consumers won’t have to share their financial information with additional 3rd parties every time they need to complete a payment. They can trust one party (Google) to protect their sensitive data. 

Fast 

Making a payment through Google Pay is a quick and easy process. There’s no need for consumers to manually enter their card details and other financial information. Everything is stored securely in Google Pay and ready when needed, and many payments can be made with a single tap or click. 

Convenient

With Google Pay, there’s no need to carry around physical cards or cash to make payments. Consumers can easily make payments directly from their digital wallets. The Google Pay app is easily accessible from any Android smartphone, or iOS users can access the service through their internet browser. 

Individuals who use PayNearMe for cash payments can save their barcodes directly in the wallet, allowing for easy access to pay rent, loans and other supported transactions.

Benefits of Google Pay for Merchants 

Opening up new mobile payment channels such as Google Pay helps businesses collect more payments because it makes the process simple, fast and convenient. And these channels continue to grow in popularity, particularly with younger Millennials and Gen Z consumers.

Google Pay also offers an additional level of protection against payment exceptions, offering safeguards to deter fraud and verify who is making a payment.

Learn how you can  enhance their bill payment experience for your customers with more payment choice and seamless integration with the payment services they already use. 

Request your demo to see how easy it is to enable bill payment through Google Pay and PayNearMe.