The technology for making easy payments with smartphones has been around for several years now, but teething problems have put the mainstream off using them. Google Wallet certainly didn’t strike a chord with consumers.
Apple Pay and Samsung Pay, both launched in the last year, have made improvements to the functionality of NFC technology and the idea is becoming more commonplace among retailers and consumers.
So what should we expect for Android Pay? Early reports by reviewers attending Google’s I/O event last week are giving the company’s latest innovation a thumbs up. Techradar even rate Android Pay above Apple Pay.
It also seems as though retailers have confidence Android pay will make NFC transactions more reliable and popular as well. In the US, 700,000 retailers have already signed up to Google Pay.
What does Google Pay do?
Google Pay allows you to purchase goods and services using a barcode on your mobile phone. Essentially, the app is an upgraded version of Google Wallet, but much easier to use and gives consumers more options.
Subscribers can assign multiple credit and debit cards to Google Pay. Essentially, transactions will work the same way it would if you were using a physical credit card, but without having to take their credit card out of their purse or wallet.
Android Pay endeavours to keep making payments as simple as possible. Consumers do not need to key in a PIN number, and the app enables developers to build their own payment procedures directly into the app.
How will Google Pay help retailers?
The benefits of mobile payments are evident. A replacement of cash and credit cards systems make purchasing items more convenient and is quicker so queues will move faster – providing the technology works!
The use of mobile phones is already increasing year on year and NFC technology improves the shopping experience. And Android Pay also promises to offer reward points for consumers to give them an extra incentive to use their mobiles to make payments.
Furthermore, it is also rumoured that Google is developing a hands-free service which will enable customers to pay with Android Pay without even having to take their phone out.
Consumers are looking for more convenient ways of improving their lives and the ability to make payments with their mobile phones is a game-changer. It will even persuade some consumers to opt to buy in one shop over another, simply because it is easier – or they don’t have any cash on them.