What is the payment system from Google?

Google Corporation is a world-famous company that is developing in several directions at once. One of them is the development of payment systems that can simplify and speed up the payment process on the Internet. What Google payment systems are there? What are their features? Does Google Wallet have any prospects? Below we will consider the stages of development of payment systems of the "giant of the search network". 

Google checkout

One of the first developments of the company was the online payment system Google Checkout. The creator set the task to optimize and facilitate the online payment process. The system has been operating since 2006 in the United States of America, and a year later it was launched in the UK. The official currency is the US dollar, and since 2007 the British pound sterling.

The new service made it possible for users to make purchases in the global network without having to fill in information on the website of each of the online stores. The principle of the service is based on linking a client card to an account with the ability to make payments through a reliable intermediary (Google). But already in the first year of the systems appearance, a major scandal erupted, as a result of which the eBay Internet auction banned the use of the service.

Google wallet

The updated Google payment system was "born" in 2011. The main feature is to work with phones on which Android is installed. Thanks to the new system, users have a chance to pay for goods in the store via smartphones or tablets. All that was required was to install special software.

A feature of the Google wallet is the convenience of making purchases online. To pay for the goods, just log in to the system and make a few clicks. The process of receiving and transferring funds is carried out by Google. She also assumes the functions of a material guarantor in the implementation of transactions. At the same time, the outlet “does not see” even the customers credit card number. There is no need to open an account or transfer funds, as is usually the case - all payments are made using a credit card. At the same time, it is not possible to accept payments through the Google system (this option is not provided).

An important plus is user privacy. To access the online system, it is enough to enter a minimum of information - country of residence, address and credit card number. All data is stored on the Google server, which takes care of the problems of receiving and transferring funds.

The main pride of the company is the high level of security of the Google wallet. The seller does not see the customers card number, so he cannot use fraudulent schemes. In addition, there is a rating system for selling companies, which also protects customers from fraud. According to statistics, today the payment system from Google Corporation is the most reliable in the world, with several degrees of protection.

Unlike a number of other EPS, funds cannot be stored in a Google Wallet. In essence, we are talking about intermediary functions between the seller and the buyer. Moreover, for the latter, the services of the service are free. Convenience is that information about the transactions is sent to the mailbox.

The main requirement for registration is reaching the age of majority. After 18 years, everyone can register on the site, and then enter the system using a personal username and password. If you already have a mailbox on Gmail, then a valid account can be used to log into the Google payment system.

If the password is lost, access to the system can be restored. During the registration process, an alternative mailbox is entered through which the restoration is performed.

The advantages of the Google payment system are ease of registration, reliability, high level of security, compensation for damage (in case of unauthorized purchase), verification of sellers, multilingualism and storage of data on purchases made.

Disadvantages - inability to transfer funds, limited functionality (only payment for goods), closed access to e-Bay. Since 2013, only Google content can be paid. Actually, the limited functionality of the payment system, to a greater extent, scares off customers.

Android Pay

In 2015, Google presented a new product that differs in many ways from its predecessor. The name of the new item is Android Pay. The peculiarity of the system is in complete duplication of the principles of Apple Pay. All the user needs to do is connect the card to the system, after which it will not be difficult to pay for goods in online stores. The main requirement for a merchant to support NFC payments.

Representatives assure that the new system is better and more reliable than the outdated Google wallet. In particular, payment can be made in more than 700 thousand stores around the world, and the registration and use procedure is simplified as much as possible. The system works on all phones with NFC. Thanks to the new system, the phone turns into a full-fledged wallet, which stores information about the clients debit and credit cards. You can use funds not only in virtual, but also in real retail outlets. The undoubted advantage is the support of the main payment systems that work today (MasterCard, Visa, American Express and Discover). In addition, Android Pay is compatible with many Android devices.

The developers do not plan to be satisfied with what has already been achieved. Work is underway to expand the capabilities of the Google payment system, to increase the number of partners (retailers and banks), and to develop new promotions and loyalty programs that make the service attractive to customers. It is believed that the emergence of a payment system will increase interest in the operating system several times, and by 2019 the volume of the market for payments via mobile devices will grow from $ 70 billion to $ 140 billion.

The only difficulty is that in Russia the new Google payment system does not work yet. At the same time, the creators do not announce when the situation will change.