Did you know . . .
· Mobile wallet usage surpassed credit cards as the world’s most widely used payment method in 2019, and is projected to increase by 74% to $4.8 billion by the end of 2025 (Juniper Research)
· 2020 added 900 million new mobile payment app users worldwide, increasing from 0.4 billion in 2015 to 2.3 billion users as of 2020 (Business of Apps)
· Salesforce data estimated that revenue from global online sales during the second quarter of 2020 jumped 71% year over year (CNBC, August 2020)
· 74% of global consumers surveyed reported that they planned to continue using contactless payment methods beyond the pandemic (Mastercard, April 2020)
· Research indicates that the total value of the digital payments market is projected to increase from $5.44 trillion in 2020 to $11.29 trillion by 2026 (Mordor Intelligence)
According to a Business of Apps article, more than two billion people currently use mobile payment apps, with millions more adopting this payment technology every year. If you don’t already accept mobile wallet payments for your business, now is a great time to capitalize on the trend by accepting one of the world’s most widely-used mobile wallet payment apps: Google Pay.
What is Google Pay and How Does it Work?
Google Pay is a digital wallet platform and online payment system developed by Google. The app links to a customer’s Google account, enabling them to make payments using mobile devices such as Android smartphones, Google smartwatches, and tablets. Customers can use Google Pay for in-store and online payments, as well as for making person-to-person money transfers. For in-store purchases, the app uses Near Field Communication (NFC) “proximity technology” that works with contactless point-of-sale (POS) card terminals to enable payments.
During a transaction, Google Pay creates a virtual card number (called a token) as a substitute for the cardholder’s account information, and that encrypted code is then transferred to the issuer. Your business is not exposed to the cardholder’s account information because it is securely stored on Google’s servers instead.
Customers Love Google Pay (And So Should You)
Mobile wallet technology provides customers with a speedy, frictionless checkout experience. To make a payment with Google Pay, all the customer has to do is to hold their Android smartphone or wearable device near the card terminal to transmit the payment information. It’s fast, secure, and more convenient than writing a check or using a physical debit or credit card.
According to research by the market and consumer data company Statista, more than two billion people made online purchases in 2020. Mobile wallets, such as Google Pay, accounted for approximately 45% of all global ecommerce payments, making this the most popular payment method worldwide. The research also showed that the use of mobile wallets to make payments is on track to increase to over 50% by 2024, while the use of credit cards is expected to decline.
Google Pay is accepted in millions of stores throughout the U.S. and Canada, including retailers such as Bloomingdale’s, Crate & Barrel, and Disney Store. It’s currently available in 42 countries around the world, and Google continues to add more countries to the list. Most major U.S. banks, including Wells Fargo, Citibank, Chase, and Bank of America support Google Pay, as well as numerous smaller regional banks and credit unions. Google Pay also supports most major payment card providers, including Visa, Mastercard, and American Express.
Benefits of Accepting Google Pay Payments
Google Pay offers a number of benefits to both users and merchants alike. Here are some of the ways your business can benefit from accepting Google Pay payments.
· Security – Virtual card number (VCN) technology generates a code that represents the user’s account information to transmit card information and keep the customer’s account details private.
· Hardware Compatibility – The Google Pay app is compatible with NFC-enabled card terminals.
· Card Options – The app supports private label retail cards, loyalty cards, and coupons.
· Fraud Protection – All card payment information is encrypted and stored on Google’s servers to help prevent fraud.
· Authentication – The Google Pay app supports physical authentication security measures such as fingerprint identification where available.
· Easy Integration – If your business already accepts contactless payments, you can start accepting Google Pay right away. Go to Google Pay For Business for information about how to accept Google Pay on your store’s website.
· Buy Button – The app supports buy button technology.
· Speedy Checkout – For in-store purchases, customers can check out faster than making payments made with a physical card.
· Customer Satisfaction – For online purchases, adding Google Pay to the list of payment methods on your checkout page can help attract new customers and reduce cart abandonment.
Elavon’s Converge Payment Gateway Supports Google Pay
No matter your customers choose to make payments, Elavon has you covered. Our flexible, omnichannel payment gateway supports all major card types, and enables you to accept in-store, online, mobile wallet, and mail order/telephone order (MO/TO) payments.
Elavon’s Converge gateway allows you to integrate Google Pay as a payment option, so that your customers can enjoy a fast and easy checkout experience. With Cartis Payments as your payment processing partner, you can be confident knowing that support for the latest innovations in payment technology is always at your fingertips. Call us today to learn more.
Cartis Payments is a merchant services provider of streamlined digital payment gateway integrations, fraud protection, and chargeback prevention and management tools.