What is the payment system from Google?

2017-04-24 00:00:00:

To master the market of electronic payments, Google, as a payment system, began a long time ago. Initially, Google Checkout was developed and launched, with the help of which it was possible to pay for purchases made in a virtual store. After a while, Google Wallet appeared. Initially, it existed as an independent system. However, then both resources were combined into a single platform and named Google Wallet.

Google Wallet - the name of a mobile payment system

With this system, purchases can be made using a mobile phone for this purpose. In addition, with its help, it is possible to save information related to discount cards, as well as to credit and debit cards, and, of course, information about gift certificates. Google Wallet includes Google Checkout. This Google payment system allows you to make online purchases.

In the process of making purchases, the system uses NFC technology. It helps to exchange data between devices that are located in the immediate vicinity. At the same time, the use of high-frequency wireless communication is practiced. Thanks to NFC technology, payments are made without any interruptions and difficulties. The phone is simply brought to the terminal. And the latter supports a function that allows you to make payments wirelessly, for example, PayPass from MasterCard.

In order for payments to be made from the phone, a specialized Google Wallet application must be installed on it. It was released in early fall 2011. Today this application is freely downloaded from the Android Market without any problems. The Nexus S 4G was a pioneer among the devices that began to support the use of electronic money with its help. It was developed by Samsung specialists in conjunction with Google. The ever-evolving Android platform and the widespread adoption of NFC are driving the constant expansion of the range of devices that can work with Google Wallet.

The reality today is that there are over 100,000 payment locations using Google mobile payments. The first payment system to support this payment method was MasterCard. Over time, Google entered into an agreement with Visa Europe, a contactless payment system. Thanks to this, it became possible to use Google Wallet with the payWave system, through which free transactions are carried out. In the foreseeable future, the company plans to establish partnerships with a large number of payment systems.

Googles ongoing commitment to security is at its best. So, if in some companies it is allowed to use a debit card without the requirement to enter either a PIN code or an electronic signature, then its introduction is mandatory in the designated system.

An additional level of security is provided due to the presence of a number of features in the system:

To store encrypted consumer data, a specialized computer chip called the Secure Element is used.
There is a possibility of over-limit blocking of an Android device in automatic mode.
The application requires you to constantly enter a PIN to ensure maximum account protection.
The device using this Google system should be located as close to the terminal as possible. It is even better if they touch each other during the transaction.
The purpose of the Secure Element chip is to store information. It also launches the Google Wallet application.
With the help of specialized technology, all information is reliably encrypted during its transmission to the receiving unit from the phone. In addition, there is the ability to quickly block Google Wallet. To do this, simply click on the corresponding button, which is located in the space of the upper right corner of the application.

The company does not plan to charge any fees for using Google Wallet. Moreover, neither those who use it, nor sellers will pay. The entire amount of profit is planned to be received exclusively through the placement of advertising banners and ads. Google Wallet is essentially an open platform. It is for this reason that proposals are sent to banking organizations, online services and sellers to join those for whom this system has already become quite familiar.

Today, a fairly large number of large companies that support the PayPass system from MasterCard provide the opportunity to make purchases, as well as pay for services, and at the same time use the Google payment system.

It should be understood that this onset is quite good for a system that is young. Based on this, it can be assumed that with the support of one of the largest Internet companies, the Google payment system will become everyday for a large number of people.

In addition to the fact that the Google payment system has an increased level of security, the user of this system is given the opportunity to check the process of passing a transaction and monitor other operations in the users wallet.

Android Pay

The next stage in the development of the payment system from Google was Android Pay, developed by the search giants in 2015. It is a kind of analogue of the popular Apple Pay application.

According to the developers, it should replace the outdated Google Wallet over the next 5 years. More than 750 thousand retail objects are already working with the new platform. The application works on all mobile phones equipped with the NFC function, thanks to which smartphones turn into a kind of virtual wallet.

A typical feature of the search giants development strategy has also manifested itself in the payments segment. The administration of the company does not intend to be satisfied with what has already been achieved and continues active research. Google views this segment as a vehicle for attracting new recruits to its own operating system. Its no secret that the struggle for the target audience between different search giants is entering a decisive stage and in a new redistribution, the strongest will win. Google does not intend to lose its leadership position.