Competitor Profile: Google Pay 2024

Competitor Profile: Google Pay 2024

Competitor Profile: Google Pay 2024

Summary

Google Pay was launched in February 2018. The service was formed following the merger of Google’s existing Google Wallet and Android Pay payment brands. The solution is accepted at millions of retail outlets globally and supports all of the major payment networks, including American Express, Mastercard, Visa, Discover (US only), Visa Electron (excluding the US), PayPal, and JCB (Japan and US only). It is supported by a host of major banks and credit unions in the US. Users can store details of multiple debit, credit, and prepaid cards in Google Pay, which can be used to make payments at merchant outlets.

In addition to in-store payments, Google Pay allows consumers to make online payments, enabling users to shop on participating websites. In India, users can make payments for electricity, gas, water, mobile postpaid bills, and mobile credit top-ups using Google Pay. Users can also make payments on merchant apps and withdraw cash at ATMs. Google Pay also allows users to make P2P fund transfers in India and Singapore.

In May 2022, Google reintroduced the Google Wallet app with the existing features of Google Pay along with additional functionalities. In addition to mobile payments, users can store and access digital keys, boarding passes, and essential documents such as identification cards and driving licenses digitally within the wallet. To migrate, users need to apply an update to the app.

The report provides information and insights into Google Pay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its revenue model
• The company's important events and milestones

Key Highlights

• In September 2011, Google Wallet launched in the US.
• In February 2018, Google merged its Google Wallet and Android Pay payment services to launch Google Pay. The Google Wallet app rebranded as Google Pay Send.
• In January 2020, Google Pay launched UPI recharge for FASTag (an NFC-enabled sticker linked to a prepaid account for electronic toll payments), enabling Google Pay users in India to recharge their FASTag accounts via the solution.
• In March 2022, Google Pay launched an NFC-based UPI payments feature in India in collaboration with payment services provider Pine Labs.
• In June 2024, Google Pay ceased its P2P payment service in the US from June 4, 2024.

Scope

• Learn about company's business proposition, and important achievements regarding product launches, partnerships, mergers, and acquisitions.
• Examine the company’s operational and financial performance and benchmark it against its competitors.
• Detailed insight into company's current products and services mix.

Reasons to Buy

• Gain insights into Google Pay business operations and key events.
• Gain insights into its product portfolio and revenue model.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.