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Google Pay
Google Pay is paying online system and digital wallet which make user to pay on one click on user device which facilitates the user to pay by phones, tablets and watches. Allows customer to submit billing and shipping information with one click at entrepreneur sites and store electronic Cheques, electronic Cash and credit/debit cards information.
History
- Google Wallet was released initially. It powered web-based Play Store purchases and some app-based peer-to-peer payments
- After that Android pay at Google Input/output and Google pay originates from this. It was launched in Singapore on June 28, 2016.In Australia on July 14, 2016.In the Republic of Ireland on December 7, 2016.
- In 2016, Hands Free in Silicon Valley is trailed. the customer does not need to show his/her phone or card. Rather customers announces they wish to “pay with Google” and give their initials to the cashier, who verifies their identity with a photo previously saved in the system. The customer’s phone will only allow the payment.
- On 2017,18 September, Google launched an UPI-based app Tez in India.
- On2018, 8 August, Google rebranded Tez as Google Pay.
- Google announced merging of its existing wallet with Android Pay and the new name is Google pay. This merger adds other Google and third-party services with the web-based payments platform.
- On 21 December 2018, Google Payment, obtained an e-money license in Lithuania – the license will enable Google to process payments, issue e-money, and handle electronic money wallets in the EU.
How It Works
The google pay is used as payment system in three ways:
- Billing on one click
- Shopping.
- Transfer of money: It can be of 2 types: Google pay user to Google pay user or Google pay user to Account of user by using IFSC code and Account number.
In order to be a Google pay user, one has to register in it by providing its Account details, Credit/debit card details and personal details in order to remove use of it. The card information of user and payment details is transferred to the other party to which transfer is done, it uses NFC (Near Field Communication).
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Basically the Android devices can communicate with the point of sale system by NFC antenna, HBE (Host based emulation) and android security. Google pay convert users account information like credit and debit number into virtual account number and is called UPI ID which is unique to every user and payment is identified by it. Using this virtual account number i.e. UPI ID customer’s payment information become private. The physical authentication of google pay is available like fingerprint. The devices with no finger print ID use passcode. To use Google pay as service of pay on click, users need to use its authenticated device near point of sale system.
It is well said by ALAN TISCH CEO of spring that google pay introduce ”buy button” in mobile shopping for improvement.
E-commerce type
The E-commerce type of google pay is B2C i.e. business to consumer, G2C i.e. government to consumer, B2B i.e. Business to Business and C2C i.e. Consumer to Consumer.The two or more entities that interact in this type of transactions involve a business and a consumer or both. The businesses offer a set of merchandise at given prices, discounts and shipping and delivery options. The sellers and consumers both benefit:
- Through the round the clock shopping –24×7
- Accessibility from any part of the world –Global market
- Increased opportunity for direct marketing,
- Customizations and
- Online customer service.
The various businesses offered for consumer on google pay are
- IRCTC: to book tickets, G2B.
- Gold Vault: to sell or to purchase gold, B2B.
- CRPF:to donate CRPF.
- Jio Prepaid: to Recharge Jio, B2C.
- Indiaideas: B2B or B2C.
- Airtel Prepaid: B2C.
- Goibibo: B2C.
Marketing methods
The Marketing methods used by google pay are
- Online ads.
- pop-up ads.
- Associate programs.
- Viral Marketing.
- Personalisation.
- RSS.
- Podcasting.
Google Pay in a Business
Business through google pay not only give pay online opportunity for customer but many more tremendous important benefits.
- For starting new online businesses google pay helps in to have business channel on google pay. By having faster payment mode, more selling happen.
- It can also help merchants by providing payment system to them for their business.
- Consumers can know about businesses directly from google pay home screen or choices of businesses so it better for entrepreneur to create customer custom channel.
- Can let entrepreneur to Directly contact with customers to share updates like reminders of billing, tickets discounts, notifications and more.
- Adding google pay in your business can provide easy transfer of money from their account to entrepreneur on one click. Easy way, will attract more customers.
- It provide high security on payments, prevent hacking,24/7 help and verify identity.
Benefits of Google pay
Buying by consumers become fast and easy by google pay. Payment through mobile helps customers to increase sale and their loyalty.
Benefits of Merchant
- They can easily integrate online for establishing the online payment system through google pay.
- Google pay enables shoppers to have quick shopping and payments without having Intermediary for payment and thus develop trust and attraction of consumer which will inturn increase sale of merchant.
- The offer passes given by merchant to consumer are saved by google pay that notify consumer when they are in that merchants store thus make sale and trust stronger.
- There is no money charged for using google pay by merchants.
Benefits of Consumers
- Consumers get anywhere, anytime payment way.
- It is free of cost, Installing google pay on phone need not to pay money
- Consumer have relaxation on mind of security of information as encrypted version of details are send.
