26 Oct'17

Will Google be able to take on Apple in the mobile payment industry?

To quicken the process of online payment, Google have launched ‘Pay with Google’ for Android devices and applications.

 

Google state ‘customers can choose any payment method saved in their Google account and check out almost instantly.’

 

‘Pay with Google’ can be used with Adyen, Braintree, Stripe, and Vantiv. You will soon be able to use it with ACI Worldwide, Assist, eBanx, First Data, IMSolutions, Paysafe, Payture, and Worldpay.

 

Additional features of ‘Pay with Google’ include being able to save loyalty cards and gift cards digitally for ease of access.

 

Fortune’s feature of Google’s new tech product highlights its similarity with Android Pay. The difference with the newly launched pay product is that can be used by non-Android owners that would like to make mobile purchases within Android apps.

 

Transparency Market Research forecast that by 2022 the mobile payment industry will be worth $7,526,127.9. The current industry worth is $105,836.1.

 

 

The list of players in the global mobile payment market include Samsung Electronics Co. Ltd., Visa Inc., Apple Inc., Alphabet Inc., Square Inc., ACI Worldwide Inc., PayPal Holdings Inc., Starbucks Corporation, Mastercard Incorporated, and CVS Health Group.

 

TechCrunch state that merchants who work with Apple say that ‘Apple Pay is accounting for 90 per cent of all mobile contactless transactions globally in markets where it’s available’.

 

Many features about ‘Pay with Google’ portray this as head-to-head fight with Apple pay, for example,  ‘Pay with Google Fights for Bigger Slice of the Apple Pay Pie’.

 

Will Google’s recent mobile payment product be enough to make them a strong competitor of Apple Pay?