Google Pay - Competitor Profile

Google Pay - Competitor Profile

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 on 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 also make payments for electricity, gas, water, mobile postpaid bills, and mobile recharges 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 among friends and family members by using their mobile phone number and email address. And users can use voice commands to make payments through Google’s virtual assistant.

In May 2022, Google reintroduced the Google Wallet brand name with the launch of a new product that combines the existing features of Google Pay with additional functionality. In addition to mobile payments, users can also 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

Scope

• In September 2011, Google Wallet launched in the US.
• In September 2017, The Tez P2P payment app launched in India.
• In September 2020, Google Pay launched NFC-based payment feature in India for Android mobile users.
• In May 2022, Introduced the new Google Wallet product in the US.
• In May 2023, Google Pay partnered with NPCI, allowing customers to link their RuPay-branded credit card to the Google Pay app. Users can link their RuPay credit cards with Google Pay and then pay using Google Pay with all online and offline merchants where RuPay credit cards are accepted.

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.