Here's Why Google Pay Is Growing In The Online Payments Market

Posted on Monday, May 30 2022 @ 18:58 CEST by Thomas De Maesschalck
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In 2018, Google decided to merge Google Wallet with Android Pay, rebranding the service as Google Pay. Since then, Google Pay, an online payments system and digital wallet platform, has grown at exponential rates and rolled out in more than 40 countries worldwide, including the United States, India, and the United Kingdom. However, the online payments market is not easy to break into, with behemoths like PayPal dominating many areas, which meant Google had to get innovative if it truly wanted Google Pay to succeed. Fortunately for Google, that’s exactly what it has done. We can see that in how Google has leveraged near-field communication (NFC) technology since launching Google Pay four years ago.

What Is NFC Technology?

Google Pay uses NFC technology, which refers to a set of communication protocols that permit communication between two devices near each other. The accepted distance is typically 4 cm or less, or 1.5 inches. Through NFC technology, Google Pay users are able to use tokenized debit and credit cards when making purchases rather than chips, pins, and magnetic strip transactions at payment terminals. Once users have completed the registration process, they can use their tokenized cards on compatible NFC payment receivers. Google Pay also supports loyalty cards, health records, boarding passes, event tickets, and car keys. Even though tokenized cards are similar to other forms of contactless payments, Google’s use of NFC technology demonstrates the company is taking its venture into the online payments market seriously.

What Are The Other Advantages Of Google Pay?

Google Pay has many advantages, not just allowing users to make contactless payments via NFC technology. For starters, it’s fast and secure, which is one of the reasons why the e-wallet option has become as popular as it has in the online casino industry. Today, there are dozens of Google Pay casinos that are available, which, according to this review site, means online casino operators have gone out of their way to obtain specific licenses that accept Google Pay as a payment method. Casino operators run a busy business, so that speaks volumes about the benefits Google Pay can offer online gamblers. For instance, some of these benefits include no-transaction fees, and the casinos that offer Google Pay include BetMGM and DraftKings.

Google Pay also has an easy-to-navigate user interface (UI), which cannot be said about all of the services in the online payments industry. That is crucial since no one wants to deal with confusion or unnecessary panic when they are trying to complete money transactions. Again, this could explain why the online casino industry has embraced Google Pay since gamblers play games with real money. Safety and security are of the utmost importance in the online gambling landscape, and Google Pay provides both of those things.

Of course, PayPal has many of the same advantages as Google Pay, and even online casinos have welcomed the former as a payment method, but Google still deserves credit. It was only four years ago Google decided to merge Google Wallet and Android Pay to form Google Pay, and the service has already put its mark on the online payments industry.