Google Pay is a payment initiative launched by Google to allow consumers to make payments using a range of different payment methods. Google Pay allows consumers to make purchases using their phones and hardware devices that serve as wallets during online transactions.
According to data provided by Google, businesses across the world have observed a 600% increase in the number of unique individuals making payments using Google Pay. This dataset shows an increasing inclination by customers to utilize Google Pay as their preferred payment type.
The integration of Google Pay enhances the customer experience by making it faster, safer, and more convenient across all levels. The service offers a wide range of features, including payment handling, integrated wallet maintenance, and other cutting-edge payment methods backed by the tech giant.
Key Features of Google Pay Payment
The key factor which makes Google Pay an optimal payment method is the fact that it provides comprehensive benefits for both merchants and customers. Here are some of the biggest benefits Google Pay offers to both parties.
Google Pay offers exclusive benefits to merchants to improve ease of business. These features give merchants a significant edge by embracing Google Pay.
Seamless Online Integration
Google provides companies with access to its backend API to facilitate seamless connectivity. The connectivity customization process can be done based on the preferences of the integrated payment processes and implementation methods. The customization element of the API allows merchants to seamlessly integrate all the required use-cases into the working structure of the system. Google handles the majority of the integration requirements, which simplifies the process for merchants and paves the way for rapid payment processing.
No Transaction Fee
Google Pay provides an entirely free solution to merchants. Merchants don’t have to worry about associated fees and charges when adopting Google’s payment solution for their products and services. The solution companies without any involved transaction fees and hence minimize the complication associated with the integration process.
High Transaction Security
As an industry leader in defining security standards, Google implements a wide range of different strategies to enhance the security of financial transactions and ensure that customers are able to safely manage their payments. The card tokenization process further alleviates merchant concerns by reducing risk and exposure. Google also uses multiple levels of customer-end encryption to offer a completely secure payment solution with complete security coverage.
With millions of active customers around the world, Google has become the leading choice for customers across digital applications. When customers pass through your checkout process with Google Pay integrated into the system, there is inherent brand affinity that comes with the integration of the payment method. Customers are also able to seamlessly make payments with their integrated wallets to have convenient payment management.
Customer can avail a number of key benefits by becoming a part of the Google Pay ecosystem and making payments using their app.
Rapid Transaction Completion
With Google Pay, customers are able to have seamless payment processing with blazing-fast payment management and checkouts. All customers have to do is manage the tap-to-pay process on their mobile applications to go through with the payment process.
The integrated payment structure of Google Pay allows customers to protect themselves from data loss in case their devices are compromised, thanks to the inclusion of tokenization.
Unlike other options available in the market, Google Pay removes the challenges from the payment process by removing transaction fees. Customers don’t have to pay any transaction fees while using Google Pay as their preferred payment method. The mobile application for the wallet is also available free of cost on the Google Play store.
Virtual Payment Processing
When customers use Google Pay, their transaction data is completely secure because Google uses a virtual number to encrypt the payment information and keep the personal customer data secure from any potential risks to maintain the integrity of the payment process.
Diverse Use Cases
From bill payments to phone recharges, Google Pay offers a wide range of applications for customers that are looking for a comprehensive payment support system. The integrated application on merchant websites can allow customers to make multi-dimensional purchases that are would otherwise be limited on other payment systems.
How does Google Pay work?
Google Pay works on a simplified payment processing protocol to simplify the payment process for consumers. Google Pay users have to attach their debit/credit cards to their Google Pay application to provide a comprehensive payment source to the application. The payment method attached to the wallet is Tokenized by the Google Wallet. With the issuing of a unique identification number associated with Google.
To make purchases online using Google Pay, customers simply have to tap their smartphone or mobile devices against the Point-of-Sale (POS) terminal. Customers also have the ability to make in-app payments within smartphone applications. Google Pay manages the payment process with the details from the tokenized card in the smartphone, along with an integrated cryptogram that acts as a single-use password. The payment is validated through the card number, and the payment is carried forward. Merchant’s acquiring bank and the customers issuing bank de-encrypt the issued customer information along with the customers billing information to conclude the transaction. The payment process relies on the combination of modern payment technologies, including NFC, digital approvals, and other commonly used payment formats.
Oceanpayment Google Pay Payment Solution
Oceanpayment provides across-the-board payment support to companies around China with official certification from Google as the official PSP. The company has managed to establish a reputation as the highest level of PCI DSS certified service provider in the financial services sector with across-the-board support from leading payment processing organizations. Key partners of Oceanpayment include Visa, Mastercard, Discover, American Express, and UnionPay International.
We help businesses transition to the integration of Google Pay services backed by the most qualified operational teams in the fiscal industry. Oceanpayment has partnered with leading vendors in the regional space to deliver exceptional delivery. Our payment integrations empower businesses to shift to faster payment processing with across-the-board support for leading payment sources around the globe.