Therefore, Google Wallet is a way for you to get out of making cash payments or taking out your credit card. You can simply pay via the mobile method – an item that we always have at hand anyway. It is a digital system that allows you to receive and send money, make payments (online and in person, and store credit/debit card information. However, for face to face payments, your phone needs to have the NFC (Near Field Communication) option or the contactless technology active.
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What Is Google Wallet?
Google Wallet (also referred to as Google Pay) allows buyers to pay their goods by simply using their mobile phone. The app is connected to their virtual credit information, and the user only has to tap their mobile against the reader. It beats having to carry the old-fashioned wallet on you, and it gives access to your funds even if you don’t have your credit card on you.
Louie Ortiz, CEO of Monbi.com also discusses the benefits of Google Wallet in a way that anyone could find it useful:
“Imagine that you somehow lost your wallet, or you simply forgot to bring it with you. You are there, talking with a supplier, and you have to make a payment – but you don’t have your credit card with you. However, one thing that you never forget is your phone – and with Google Wallet, all you have to do is take your phone out. Plus, since more and more enterprises have discovered the advantages of Google payments, the chances are that you’ll be able to make a successful transaction.”
Therefore, Google Wallet is a way for you to get out of making cash payments or taking out your credit card. You can simply pay via the mobile method – an item that we always have at hand anyway. It is a digital system that allows you to receive and send money, make payments (online and in person, and store credit/debit card information. However, for face to face payments, your phone needs to have the NFC (Near Field Communication) option or the contactless technology active.
Why You Need Google Wallet?
When was the last time that you actually made a payment using cash? Over the last few years, credit card payments have become common – only paying cash for smaller payments that could not support credit cards. Those places are quite rare because even the smallest coffee shop nowadays offers you the option of paying with a credit card.
According to Syed Balkhi, entrepreneur, marketer and growth hacker, as well as a contributor to Forbes, mobile payment systems such as Google Wallet seem to be the future of business transactions. It makes it easier for managers to keep track of payments – something that is more difficult to do with cash”
“When your business deals with cash, you literally have to count every penny. This can be frustrating, especially on those days when the register comes up short and you can’t figure out why. But with mobile and digital payments, every transaction is automatically tracked and recorded, which means less room for error on your part and less time spent manually tallying and recording transactions. You’ll also save time by not having to run to the bank to get rolls of change or make daily deposits. Furthermore, with real-time data on the cash flow of your business, you’ll be better able to spot opportunities for improvement and make informed business decisions to improve your bottom line even more.”[1]
Moreover, by switching to a Google Wallet card, checkout efficiency is also boosted. For example, more and more customers are going to places that support order-and-pay apps – mostly because it spares them the need of having to wait in lines. As an entrepreneur, you’ll be able to tend to more clients, while your customers will have a better time interacting with you.
How To Use Google Pay
The Google Pay app (now Google Pay) is a mobile application that you install on your phone. Since it is found on the Android market, you can only use it on phones that have that operating system. You can’t, for example, install it if you have an iPhone.
That being said, once you’ve installed the app from the Google Play store, setting it up is a simple task. Once you’ve entered the app, you’ll have to tap into the link for “Add credit or debit card, and then use the camera from your phone to take your credit card’s picture. This will take every piece of info needed from your credit card, going from the card number to the date on which it expires, and every other piece of info needed.
Once you have gone through that, you’ll have to verify it. Google will want to know that it’s you and no other person using your card (that’s extremely useful if you lose your credit card). This can be done through several methods, depending on which one you prefer:
- You can have a verification code sent to your phone or email, which you will use to enter into the app.
- You may contact your credit card issuer or your bank in order to get your verification code.
- You may sign into the app that you use for your bank and verify the payment method there.
- You may permit a minor temporary change to occur to your account, verifying the payment directly into the Google Wallet app.
Most people prefer going for the first option, as it is the fastest one available. However, once you are done with this step, you will be sent straight into Google Pay, with the ability to make Google payments. Bear in mind that you must have the NFC function turned on.
You might not need it to see your balance, but you certainly will if you have the intention of making a payment. With Google Wallet, all you have to do is unlock your phone and place it over the terminal. When the checkmark appears, your transaction is complete.
Is Google Wallet a Secure App?
Many people have security concerns when it comes to storing their money in a digital wallet. When they have the cash in their physical wallet, they know that the money is in their possession – and unless they misplace or lose it, no one is going to have access to that money. However, when the money is stored on an app on your smartphone, things suddenly seem a bit riskier.
To take the weight off users’ shoulders, Google uses strong encryption to secure the information. Most of it goes on Cloud storage, and along with data security, there are the basics on which Google runs its business. If there’s anyone that can keep your information safe, that’s Google.
There are also some security measures that will have to be set up by you on your phone. For example, you cannot add your information without first setting a method to unlock your phone. Depending on your phone or your preferences, you have a fingerprint, pattern, password, or PIN before your Google Pay send request goes through. This means that if you happen to lose your phone, the person who finds it will not be able to access your wallet.
That being said, one of the most important features is that your information is not sent to the merchant. They will have no access to the numbers written on your credit card, as the Google Wallet system will make another virtual account for every payment that you make. This is further explained by Louie Ortiz, CEO of Monbi.
“It’s the same technology used with credit cards that have a chip, and their efficiency if bigger than a magstripe credit card. In the event that a hacker breaks into a merchant’s account, they will not be able to steal your information. This is the opposite of magstripe cards, where the same card number is used for all transactions. In retrospect, Google Wallet is actually safer than your standard credit card.”
Considering all the perks and benefits, along with the safety measures provided by Google Wallet, it is no wonder that more and more people are flocking toward its use.
Where Is Google Pay Accepted?
Mobile payments nowadays are pretty much everywhere. The trend started even in earlier years, as people no longer wanted to carry hard amounts of cash with them, nor did they particularly want to bring out their credit card with every payment. That being said, payments with apps such as Google Wallet have become more popular in 2020, as more and more businesses preferred to go contactless, according to Olga Kharif, marketer, and contributor on Bloomberg.
“Already, 27% of U.S. small businesses have seen an increase in customers using services like Apple Pay, according to a survey of 361 companies released in April by the Strawhecker Group and the Electronic Transactions Association. Publix Super Markets Inc. sped up its transition to contactless terminals because of Covid-19, according to the company. Starting in early April, consumers at all Publix stores have been able to use services like Apple Pay and Google Pay to check out.”[2]
Google Pay may be used to pay for online transactions, giving you the same security as you would get when paying face to face. That being said, while there are still a few merchants that do not have a wireless terminal installed, this is not your main roadblock.
In fact, your problem here is whether your credit card company accepts itor not. If your credit card company accepts the Google Wallet system, then you may use it wherever you see this type of terminal installed.
Differences between Google Wallet and Other Mobile Payments
When it comes to the digital wallet world, the competition is quite small. Granted, there have been a few companies that tried to get a kick, but only two of them managed to succeed: Android’s Google Pay and the iOS Apple Pay.
Looking at the two of them, there isn’t much of a big difference. Their security measures are pretty much identical – the fingerprint and the pattern. Overall, whether you use Google Pay or not depends on the operating system of choice. If you are an iPhone user, then your phone will certainly work on iOS – which means you will have to use Apple Pay. On the other hand, if you are an Android user, then your go-to would be Google Wallet.
One other common mobile payment that keeps appearing is PayPal. While it works perfectly with mobile payments on a peer-to-peer system, you can’t use it to buy something at a physical store. However, you may link it to your Google Pay account and use it as a medium for your purchases. Regardless of your purpose, Google Pay is something that can be very convenient when it comes to making purchases.
Wrap Up
We are living in the future, and even though Google Wallet hasn’t been around for that many years, it has progressed quite a bit during the time that it has been activating. From a feature that we would be quite fearful of using or would only use now and again, we are now using it quite often. Considering its popularity among buyers, it’s a good reason for businesses to also use the Google wallet option.
Plus, it has the security that is associated with the Googlebrand, which is one more reason to do it. Thinking about it, it won’t be long until people stop using cash altogether – which means the sooner you get set, the better.
[1]https://www.entrepreneur.com/article/341452
[2]https://www.bloomberg.com/news/articles/2020-04-16/no-touch-payments-skyrocket-because-no-one-wants-to-handle-cash
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