Google has heightened its competition with Apple once again. Yesterday, the tech giant finally released a new feature that enables customers to pay directly from their cellphones called Google Pay. This app will replace Google Wallet and Android Pay and allow customers to use one app for all payment methods.
“Say hello to a better way to pay, by Google”
That is the headline that was used by Google while alerting customers of the new feature and for good reason. This new payment method is for sure a better way to pay, and quicker as well. Before this new release, Android offered its own unique payment method, but not anymore. Google is now making all payment methods under one payment brand through a new update.
“With this, Google is rolling out an update to Android Pay and introducing some new functionality that the company hopes will make its payment service ubiquitous — both in stores and on the internet.” TechCrunch reports.
Google Pay Perks
Google Pay offers customers many perks and benefits. Not only will Google Pay be more convenient for customers by offering a “fast, simple checkout” users will also have access to a variety of perks like rewards and offers. Google announced these initiatives in a press release, along with the idea that the global company has been working to make payment methods safer and easier for all customers.
Google Pay will be an app accessible on Android devices and eventually will make its way to all Google products, like Chrome or the Assistant. Google also announced that they will be working with partners both online and in-store, which will help push Google Pay to places all over the world.
What You Can Expect
According to Tech Crunch, the Google Pay app resembles Android Pay, and it doesn’t appear to be much newer. This was confirmed on Google’s blog, with a description of the app and what customers can expect.
“One notable change, though, is that the Google Pay home screen now shows you relevant stores around you where you can pay with Google Pay. That list is personalized, based on previous stores where you used the service, as well as your location.” Tech Crunch reports.
On the home tab, you will be able to redeem your rewards as well as helpful tips on how to use the app. The cards tab allows customers to be organized and ready to redeem credit cards and even gift cards. Essentially, the app puts all your banking needs in one organized virtual place, to be used in a quick transaction.
If you are worried about security, fear not, because the app is secure and protected.
The Future Of Banking
Google Pay is just one future initiative that proves the future of banking is moving towards virtual platforms that enable customers to carry out transactions without really ever entering the bank. Third party partners like Google and Apple have emerged into the financial services industry in order to equip their products with tools that make it easier for customers to bank. This creates an entirely different appeal for customers when it comes to banking, and has the ability to change the way banks function.
I can only imagine in the coming months what Apple will roll out in order to keep up with the innovations that Google has created, and in the same token, what banks will begin to do in order to keep up with the competition from companies like Google and Apple.
Digital transformation has set its sights on the financial services and insurance industries. CIOs from North America’s top institutions are working to leverage new technology such as Artificial Intelligence to deliver products and services that answering changing customer needs.
While financial services and insurance CIOs will deal with many challenges in the coming years, one particular technological challenge raises to the top – dealing with the complexity of data. The massive explosion in data is creating unprecedented manageability issues for firms around the world. As firms expand customer touch points through the use of digital platforms like social media, CIOs are dealing with an overwhelming volume of structured and unstructured data, resulting in an increased need for tighter security.
The Millennium Alliance is pleased to announce their biannual FSI transformation Assembly taking place on June 21-22, 2018 at The Mandarin Oriental in Miami, FL. This program has been designed for all of our partners, affiliates, and members to once again gather in our unique format to develop new relationships, collaborate with like-minded peers, and learn cutting-edge intelligence to take back home and help tackle the biggest business issues of today.
This is not just another “Financial Services” event. Spaces are reserved for the best in the business. Apply to attend here!