Google's online payment system and digital wallet GooglePay has announced the launch of the "Tap to Pay" feature for digital transactions. Partnering with Indian based Pine Labs, this new feature should bring ease and convenience in transacting for all credit and debit card users on the platform. Launched in 2017, this would be the latest addition to the five-year-old Google payment system.
A tap on the POS terminal is all it takes to complete a payment using the latest feature. Contactless payment is considered a more reliable and safe procedure for payment, and it changes the entire experience of transacting for both merchants and customers. Google Pay users can now enjoy the ease of payment without the stress of punching PIN digits, reducing the long queues at checkout points. Merchants adopting the Tap to Pay feature of Google Pay can operate more efficiently as less time will be spent on customers receiving payments than card machines or counting cash. In addition, the Tap to Pay comes with encryptions that would seek to reduce fraudulent activities by discouraging hacking.
The collaboration with Pine Labs will see Google offering this innovative solution to India, a country with over 1 billion people with 794 million internet users. Google is reaching a wider audience and promoting digital inclusion worldwide. Early this year, a significant competitor to Google, Apple, had launched the Tap to pay feature on their platform. Hence as Google pursues building a better experience for its users, it remains committed to maintaining the monopoly of the Digital payment business in countries like India.
India in focus:
Population: 1.38 billion in 2020 as compared to 1.36 billion in 2019
GDP: $2.623 trillion compared to $2.871 trillion in 2019
GDP per capita: $1,900 in 2020 compared to $2,100 in 2019