Android Pay has been rumored for some time. Earlier this year, we reported that we were certain to see this platform announced at Google I/O. We even got a sneak preview at this year’s Mobile World Congress. On Thursday, Android Pay was formerly announced and detailed. Google Commerce Blog also posted on Thursday some important details about what’s new.
How Android Pay Will Work
We should start seeing the Android Pay logo anywhere Android Pay is available. Pay will work at the store and inside applications. During the transaction a virtual number is created to keep sensitive account information away from the hands of hackers. NFC also keeps the transaction safe. At Google I/O it was announced that over 7,000 stores already have this accessibility.
Within the demo at I/O, an upcoming update to Target was shown that shows how fingerprint support can be used to quickly purchase items. The user would just go to that item, tap to pay, input their fingerprint, and finalize the order. The in app Pay worked simply rivaling the 1 click program offered from Amazon.
What Will Become Of Google Wallet?
Google Wallet is not going anywhere. Wallet will work as a resource for payment history and will continue to allow users to send and receive money. Android Pay will work within the Wallet ecosystem in creating a platform for retailers to make purchasing convenient and allow them to receive information on our purchases allowing them to cater on a more intimate level with their customers. Google has used this approach with their own advertisement using data mined from our own web habits to deliver us more personalized advertisements.
Judging from updates over the past year, Wallet is poised to be that virtual wallet that houses our loyalty programs, gift cards, our methods of payment, and our transaction history. Apple, in a similar manner is planning to roll out some enhancements to their own Apple Pay that will give retailers better access to purchases that are made. We should hear more about that at next month’s WWDC conference.
The Takeaway For Us
As end users, we have made it clear to anyone attempting to create a mobile payment platform that we need as simple and convenient of a process as possible. We also want full assurity that our financial data is safe and our accounts are not exposed to wish to access our accounts. Having a long drawn out process to complete a payment with a phone is seen by many to be embarrassing especially when the transaction does not work.
With Android Pay that fear may be all but alleviated. Now that there is a more firm partnership with some outlets and more in the horizon, users will be more likely to use their phone to complete their store purchases. With the recent acquisition of Softcard, mobile carriers are already on board. Stores can also be assured that they’re not being conned and more so have information that they can use to better reach their clientele.
On paper this appears to be an ideal marriage between our mobile devices and retailers, but time will tell if they fully jump on board to make this dream a reality. The new and updated application will be available “soon” per the announcement as well and available for devices running Android 4.4 and up.