For consumers paying in store, Google Pay aims to mimic a simple credit card-like experience. Customers just take out their phone, unlock it, and hold it near the point of sale device for a seamless checkout.
While most of these features have been available with Android Pay, Google has nodded to new features on their way. The new digital wallet will work across all Google platforms: Chrome browsers, Google Home devices, Android phones, and more for a continuous experience. The company is also partnering with e-commerce platforms to add a Google Pay button to brands’ shopping carts in the hopes the offering becomes the one-stop-shop of payments.
Retailers need to closely monitor new digital wallet trends, like Google Pay, to prioritize the most popular payment instruments to their customers during the purchase process. Here are some tips to think about when making decisions on how, when, and where to integrate digital wallets:
Dynamic customization. The adoption rate of new payment instruments like digital wallets can vary widely depending on location. Tailor your platform to dynamically show the most popular payment instruments for each region to increase conversion rates.
Keep your eye on the ball. The digital payments market is moving fast. Make sure you are watching how usage changes for your targeted demographics. Google Pay usage could spike after this launch, and the rising tide could lift all boats. Retailers should keep new payment instruments in mind during road-map planning.
Launch confidently. Standing up new payment instruments like digital wallets or offering payment options in new regions can be stressful, especially if you have no way to ensure payments are successfully going through. Make sure you have a robust way to test those payment instruments quickly so you can minimize any potential failures and launch confidently.
Google Pay could be a sign of what’s to come for mobile wallet adoption in 2018, but it will depend on whether or not its advancements create a sticky experience for consumers. While we are likely still a ways away from digital wallets overtaking credit card usage worldwide, Google and its peers like Apple and Samsung are taking the necessary steps to make their offerings as seamless as possible for the end user.