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After June 4, Google Pay users will no longer be able to send, request, or receive funds through the United States version of the app. Since the service launched in 2018, millions of people in more than 180 countries used Google Pay to securely check out when online shopping.
But while the proverbial sun is setting on Google Pay, parent company Alphabet Inc is replacing the aging stand-alone app with Google Wallet, a multifunctional digital wallet that can do many of the same things that Google Pay does and much more.
According to TechCrunch, people already use Google Wallet five times as often as Google Pay. Diehards have until June 4th to transfer their remaining Google Pay balances to their bank accounts. But if they forget, users can still transfer money from the Google Pay website after that deadline.
In addition to online mobile payments, Google Wallet — just like Google Pay — allows people to buy items and services in stores. Google Wallet also holds a digital copy of your airline boarding passes, concert tickets, store loyalty cards, gift cards, public transit tickets, library cards, vaccination records, and so much more, all in one place on your phone. If your car has the capability, you can even start it with a digital key stored in Google Wallet.
Interest in Contactless Mobile Wallet Transactions Surged During the Pandemic
During the COVID-19 pandemic, interest in tap-and-go mobile transactions and digital wallets skyrocketed as people tried to minimize touching germ-riddled surfaces in public. Many governments and health organizations also encouraged the use of contactless payments to reduce the spread of the virus. This resulted in increased awareness and promotion of contactless transactions, driving awareness of digital wallets.
“This shift towards digital and embedded finance is reshaping consumer behavior and expectations, driving the need for innovative solutions that streamline transactions and improve financial management,” says financial advisor Angel Escobedo.
Traderoot CEO Jan Ludik told Finextra Research that more and more daily transactions are shifting to contactless as people get comfortable with the payment method during this digital wallet renaissance. Another factor driving the interest in mobile wallets such as Google Wallet is the rise of payment-enabled wearable accessories.
“Smartwatches, rings, bracelets and other devices seamlessly sync to bank accounts and integrate with digital wallets and virtual cards, enabling contactless transactions to happen effortlessly and often unexpectedly by simply passing applicable terminals or sensors,” said Ludik. “Think about the impact this can have on public transport, retail and other sectors where we no longer have to queue at a bottleneck till-point.”
Google Will Keep Pay Alive in Singapore and India… for Now
Although Google will retire Google Pay in the United States, the app will continue in places such as Singapore and India because of the launch of Google’s wireless speaker, SoundPod, to merchants in those areas. According to Gadgets 360, Google’s SoundPod is a wireless speaker that verifies payments made via the Unified Payments Interface (UPI) instant payment system to small merchants. Google started testing SoundPod in 2023 and will roll out the service overseas later this year.
Google says they want to make the transition as smooth as possible. In a February update, they state, “Anywhere you normally use Google Pay — from checking out online to tapping and paying in stores — remains the same. And for the millions of people who use the Google Pay app in India and Singapore, nothing will change as we continue to build for the unique needs in those countries.”
Google Wallet Is the Only Digital Wallet With Multiplatform Support
Although Apple Pay and Apple Wallet work well for iPhone users and Samsung Wallet is an excellent choice for those with Samsung phones, only Google Wallet offers multiplatform support. As long as it’s a smartphone, Google Wallet will work on it in some capacity, although it should be noted that iOS cannot use Google Wallet’s tap-to-pay feature.
According to Android Authority, here are some of the key reasons why Google Wallet is possibly the best overall digital wallet currently on the market:
“Google Wallet is easy to use with a functional, simple, and good-looking app.”
“It’s not perfect, but it works on the largest number of devices and websites compared to all other competitors on the list.”
“It supports the latest stuff, like COVID-19 vaccine records, state IDs, driver’s licenses, etc.”
Even though Google is setting up Wallet as the successor for Pay in the United States, it’s unclear if every single feature of Pay will get imported into Wallet.
Android Authority continues, “The features are split, so you need both apps to get every feature. Between the redesigns and the rebranding, Google has been sloppy with this over the last few years. Google is streamlining the experience, though, and Android Pay will be gone in June 2024, at least in the U.S.A.”
This article was produced by Media Decision and syndicated by Wealth of Geeks.
