The Official Launch of Google Pay
On 20th February 2018, the plan of Google to eliminate the differences between Android Pay and Google Wallet has come into practice, with the unification of the 2 services under the same platform with the new brand name: Google Pay.
The new app will still provide same functions. Basically, you can conduct any online transactions made with your Google account through Google Pay like Youtube, Chrome, Instacart. The new home tab of Google Pay will direct every transaction into 1 account. Meanwhile, the card tab is like a catalog that provides payment cards, discount offers, loyalty rewards and gift cards.
Google Wallet's main function of sending and requesting money, may soon be available to use in the next few months. Google Pay is actually an update from Android Pay, so customers that have used the service before will not need to worry, as all their financial information will be transferred automatedly.
Therefore, if an online app or website wants to set up Google Pay directly, developers need to integrate Google API that supported by Google. The easiest way to connect Google API is through 3rd payment gateways that already support it such as Adyen; EBANX. Braintree, Paysafe, Stripe, Vantiv, and WorldPay
Alert on The Rapid Growth of eWallet in eCommerce!
The creation of Google Pay shows Google’s actions to seriously expand their ecosystem in e-commerce, adopting Apple and Amazon's movements. It also gives us a clearer view of how e-wallet is developing increasingly faster and bigger than ever. Since it first appeared in the market, e-wallet has proven its technological superiority and advancement.
An e-wallet stores a customer’s personal data and funds for later use to purchase products online. To get this free service, customers just need to submit information once, with no requires of complicated financial content forms. Additionally, e-wallet combination with mobile-wallet has simplified the payment process more, which customers can use money directly on their phone.
Early market entries participants of ewallet are giant retailers Alipay (Alibaba) and PayPal (eBay). Later, banks and financial institutions with Visa Checkout and MasterPass joined the market; then multinational technology corporations with Apple Pay, Amazon Payments, Samsung Pay, and now is Google Pay. Despite short experiences in payments fields, those corporations have a significant advantage of huge customer base from their electronic ecosystems. As they integrate their technology into daily payments, the opportunities to optimize revenue will be more. Especially when Google Pay comes from Google ecosystem with 1 billion users, and those from 2 billion monthly-active Android devices.
The release of Google Pay in early 2018 has strongly confirmed the increasing popularity of e-wallet, especially in the field of e-commerce. With its convenience, this method has simplified the transaction procedures and brought about significant improvements in sales for e-commerce websites. If you own an e-commerce website based on Magento platform, the integration of payment gateways that support Google Pay and other types of e-wallet is a wise strategy right now; especially when Magento, as an open source, allows ecommerce merchants to freely customize features and integrate necessary extensions. You can get direct support to integrate Google Pay to Magento or any payment gateways that support this method here.
Hope that you find this information useful! If you need any help with Magento services or want to build a Magento e-store from scratch, feel free to contact us.
