Google is expanding its digital wallet business through new product launches

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Google recently announced the launching of its digital wallet, “Google Wallet App,” a new android and wear OS app, at its latest I/O developer conference. The app is launching in around 40 countries worldwide as a step towards the digitalization of the world. It is the company’s first move into the payments space after the Plex project stalled last year. In 2020, Google teamed up with 11 banks allowing a user to choose which bank they wanted to open an account with; the accounts were integrated into the payments platform Google Pay. Within six months of the announcement, this project was stalled due to missed deadlines and executives behind their targets. 

Google Wallet App is a digital wallet that can store the digital version of physical cards. Customers can easily use the google wallet app on their android device and tap to pay at any retail outlet. Users need to create a Google Wallet account that consists of an app and card. This account is linked to the user’s bank account or debit card. If the user has to pay someone, they can transfer money from Google Wallet to the other person, also a Google Wallet user.

It can serve multiple purposes, from storing bank credit or debit cards to student ID cards, vaccine cards, virtual car keys, loyalty cards, concert tickets, and a flight-boarding pass. Google will integrate with other apps and services for easy payment options. For instance, if a transit card is added to the wallet, google maps show the balance amount so that the user can add fare before arriving at the destination. The card that we store in the google wallet app, which has any personal information, will only be kept on our android device and will not be shared with any third-party companies. These security measures can attract more users by finding the wallet more reliable and trustworthy. Users can also store their digital office or hotel keys in the app. 

The digital wallets market has witnessed exponential growth in the last two years due to its exceptional features such as easy registration and login, simple bill payment processing, access to limited period offers and schemes, and a user-friendly dashboard. The payments app Google Pay will continue to offer its services such as person-to-person transactions, paying bills, and other expenses.

Google also updated that it is adding virtual cards into the Google Pay app to boost security for users this year. This new app act as a companion app to the wallet. Currently, Google Pay is available in 42 markets. According to the company, users can update to the new Google Wallet app in most markets. Google Pay app is considered a place to make payments, whereas the wallet is the place for storing payments and non-payment assets.

To know more and gain a deeper understanding of the global prepaid card market, click here.