Google Wallet Still King of Mobile Payments, Sets Example for Other Companies
Google’s digital wallet has set the standard for alternative payments since its release in 2011.
The tech giant is known for discreetly rolling out updates (the latest being Google Wallet Card) and does not actively promote its virtual payments services, compared to its competitors such as Apple Pay and Square Order.
Yet despite a lack of presence in terms of hype, Google Wallet continues to be a model platform, providing an array of well-integrated payment options for individuals worldwide.
A post by Digital Trends highlights, “Apple Pay has a slight edge when it comes to set-up, ease of use, and security [but] Google Wallet’s strengths lie in its ability to work with any credit card or bank […] and it’s ability to send and receive money like PayPal.”
Google Wallet’s versatile features might have the edge over other service providers for now, but the technology is still far from mainstream. In order for a new payments product to reach the general population, it has to be more convenient than traditional credit cards and less costly to implement for businesses.
“If you’re a small business owner, a merchant, a restaurateur, what’s your incentive to use Apple Pay or Google Wallet? Are you paying less fees? Nope. It’s still the usual 2-3% per transaction,“ mentioned Gene Marks, Forbes contributor.
Perhaps the most interesting aspect of Google Wallet is its unique business framework. Currently, the company does not charge users or merchants for service access. Instead, it generates revenue through user-targeted, sponsored ads.
Google’s solution to virtual wallet adoption includes partnerships with common and recognized establishments. Recently formed collaborations with Disney World, Macy’s, and selected MasterPay merchants help push the company’s payments services to top performing sectors for maximum exposure.