Digital payments are nothing new, with over a quarter of all adults using mobile payments in 2020* - but Google are doing things a little differently. Though starting out very similar to other digital options like Apple Pay, Google Pay has been evolving over the past year, following the build and release of their new app, starting with the U.S. late last year. Google has reimagined digital payments, combining the functions of a digital wallet with those of a banking app, to create a system that lets you both manage your money and pay for goods and services in the same place.
All your banking in one place
Google Pay allows customers to combine all their bank accounts in one place, allowing for better organisation and a quicker way of managing finances. The app also automatically organises spending, allowing users to search for transaction by category, such as “food” or “last year”, making it a popular choice due to the ease of managing transactions that it provides.
More ways to pay
Multiple devices – like the majority of digital wallets Google Pay operates across multiple devices, including smartwatch, using near-field communication (NFC) for contactless payments, and laptop. Google Pay is also supported by multiple apps for in-app purchasing, making transactions much faster.
Retail cards – Reward cards can be amazing for encouraging customer loyalty, but no one wants to carry around cards or download a separate app for every shop they go to. Google Pay has the capability to augment retail cards from Google’s partners, including reward and gift cards, into your digital wallet. Simply add the card to the Google Pay app and the contactless terminal will automatically apply rewards information. Alternatively, the cashier can scan the barcode visible on the app or enter a member ID.
Direct transfers - Google Pay allows for direct transfers to be sent from the bank accounts attached to the app, making sending friends and family money easier than ever, as well as allowing for direct debit transactions or recurrent payments.
Split the bill – Put away the calculators! Google Pay provides customers with a way to easily split payments, making it an obvious choice for payment method at hospitality venues. Within the app customers can create a group, split the bill, and track who has paid, making sure that paying the bill is a far easier experience.
The new and improved Google Pay has been built with multiple layers of security to ensure privacy. Merchants do not have access to cardholder information, instead the system operates by tokenization, processing transactions via randomly generated and transaction-unique numbers. This removes risk for your business, making compliance easier, whilst giving your customers the peace of mind that their information is safe and feeling secure in making purchases – increasing conversions.
Through offering Google Pay, you offer your customer more choice, meaning more conversions and a lower cart abandonment rate. Google Pay is available on the Cashflows Gateway and can be activated at the push of a button, integrating directly into your dashboard and reporting. Contact us to find out more about how we can help you implement the latest in payments technology, and help you grow your business.
Image: Proxima Studio - stock.adobe.com