According to a recent report fromThe InformationGoogle has some major plans for expanding its payment service, Google Pay by the end of this year. These plans will expand product’s functions and could point to abig shake up to Payment systems and E-Commerce in the future.
Google Pay and the button for merchants
Google Pay has been around for a while but it is not the dominant method of payment for customers paying in store or online, and many thought the app would have a greater impact than it currently has had. Corona has led tomore cashless payments systems being introduced in many countries and raised interest in cashless payment solutions.This will certainly have influenced these recent plans.
Google plans to roll out a new feature for Google Pay by the end of the year that allows payment merchants to create their own branded payment button for the app,enabling customers to order goods and services from the merchant directly using Google Pay payment system in store. The most obvious target for this feature is convenience stores, Gas Stations and chain restaurants, but as the divide between online and offline merchants continues to blur this development could point to a much bigger change.
rankingCoach’s take on the Google Pay plans
Any signs from Google that they are creating more products for local stores will create big ripples in the online payment sector. No doubt Paypal, the current big name in this sector will be monitoring this development closely.
If you currently own an E-commerce website you should certainly keep on this to see what service Google offers. Having a trusted payment system in store or online will invariably increase sales, as customers will always be more likely to buy products if they have trust in the company’s payment systems. This is why online stores without a branded payment system may have trouble selling to customers.
Any online payment system created by Google will immediately be trusted by consumers, as many of us spend money every day with Google whether it be on Google Ads or Google Play store so Google’s move, meaning that any online payment system from Google would have no problem being trusted from day one, which is often the biggest hurdle to other competitors challenging the major names.
If Google does move further into payment systems for online businesses this will be a huge shake up for this industry and E-commerce as whole.
Watch this space for more developments as they happen.