Google has announced a new payment system that consolidates its existing payment solutions. Known as Google Pay, it will combine the Mountain View company’s Google Wallet and Android Pay.
As most Google product users know, the search engine giant stores users’ financial information in a variety of places. If you own an Android smartphone, for instance, it probably has your credit card or debit card information stored on your Android account. Alternatively, even Google’s Chrome web browser stores users’ financial information. The bottom line is that if you use Google, the company probably has your financial information on file.
Google has launched a variety of payment solutions in the past, allowing users to pay for products and services using their financial information on file. According to TheVerge, however, Google will soon consolidate these services into a new payment solution called Google Pay.
With Google Pay, users can purchase products and services using their financial information on file. For example, Chrome users can make purchases on websites; YouTube users can purchase premium subscription upgrades; and Android users can purchase premium apps.
Of course, Google Pay also supports in-person payments at local brick-and-mortar businesses. Assuming the business supports near-field communication (NFC) payments, users can flash their Android device to pay with their financial information stored on Google.
It’s important to note that Google Pay is actually a rebranded version of the company’s Pay with Google. Originally launched October 23, 2017, Pay with Google allows users to make purchases using their financial information stored on Google. In January 2018, however, the company said it was changing the name of this payment solution to Google Pay.
Google isn’t the only player in the NFC payment solutions market. Apple has Apple Pay, and Samsung has Samsung Pay. Given the sheer number of people who use Google, though, it’s safe to assume that Google Pay will become a leading payment solution. According to one report, Android accounts for nearly three-quarters of the entire mobile operating system market.
Unfortunately, the number of vendors that currently support Google Pay is limited. According to Google, Airbnb, Fandango, Dice and a few other apps support the new payment system. However, the search engine giant says more websites and businesses will support Google Pay in the weeks and months to come.