In the digitalization era, mobile payment apps have changed how we handle money transactions. One of them is Google Pay. It has gained significant popularity in the world.
Seamless integration, convenience, and security when making payments online and in-store have propelled Google Pay to the top of the payments industry. However, there are some pros and cons of Google Pay worth mentioning.
In this article, we overview the pros and cons of the Google Pay app. We will explore the valuable features, limitations and potential drawbacks you may want to consider.
What is Google Pay
Google Pay is a digital wallet. It is similar to other digital wallets like Apple Pay or Samsung Pay, but Android users use it primarily. Using Google Pay, you can shop online, make in-app purchases, pay in contactless stores, and even send or receive payments.
Google Pay combines Google Wallet and Android Pay. You can also add virtual cards, loyalty cards, and tickets to this Google wallet.
It’s not only a digital wallet. This app is also an innovative payment platform that is fast, secure, and convenient for buyers and sellers. Moreover, it’s free. Google Pay is available on most Android phones.
Users can connect multiple credit and debit cards, have their payment methods in one place and link them to their Google account. Transactions are secured using a tokenization method. It allows us to protect sensitive information and prevent fraud.
How does Google Pay work?
Google Pay is easy to use. Just download Google Pay from the Play Store or the Apple App Store. Then you’ll have to link your bank accounts, debit or credit cards. However, you can only do this if they support the Google Pay service. In addition, you can only get Google Account, if you are over 18.
Contactless payment in the shop is only available on Android phones. Moreover, you can use your iPhone or Android phone to buy online with Google Pay.
If you used to have Android Pay, once you set up your Google Pay account, your card information will automatically pass to it. Nevertheless, payment information from Google services or Google payments will stay untransferred.
One of the convenient Google Pay features is that it lets you easier enter payment sources. You have to use your phone’s camera and capture card details. Also, you can fund your Google Pay account using PayPal.
Furthermore, you have to add your credit cards to receive payments. You can do this by entering a bank debit card into Google Pay or making a payment.
In addition, Google Pay does not charge fees for payments. On the other hand, it doesn’t allow you to use your credit card to transfer money to acquaintances. For that, you need a debit card or bank account and it should be linked to your account.
Moreover, you can add Google Pay as the only NFC payment app. This way, other payment apps will no longer work for in-store payments. In contrast, Apple devices only support Apple Pay for NFC payments.
Main pros of Google pay
Wide compatibility
Probably the main advantage of Google Pay is that it is widely compatible with Android phones or iOS devices like a smartphone or a smartwatch. For this reason, most customers can use Google Play services.
Users with the Google Pay app on their mobile devices can conveniently make online payments via the website or app.
In addition, Google Pay offers flexibility for both businesses and customers. It is important to note that all Google Pay features work seamlessly on iOS and Android devices and web platforms.
Easy to set up and use
Google Pay is one of the free mobile payment apps that’s easy to install. If you want to use this payment method, you need an NFC-enabled smartphone or smartwatch. Also, it must have Android Lollipop 5.0 or later version operation system.
Google Pay is a universal financial tool. With it, you can pay for online purchases, and ticket bookings, go shopping, make peer-to-peer transactions and store virtual cards and tickets.
Also, the app user can connect their bank account. They can keep track of finances and receipts. In addition, it provides customer support service. You can download and use the payment app for free. Nevertheless, it is not valid for debit card transfers from an account balance. Charges apply for these.
Also, Google Pay is a particularly convenient way to send or request payments from individuals or groups. The app offers search options, a chat function, and even the ability to split bills between multiple contacts. It is convenient when going out or travelling with friends. Before making a contactless payment online, top up your Google Pay account balance with cash from a synchronised bank account.
In-store payments are simple. Users can unlock their phones and place them near the payment terminal. However, Google Pay is not only for credit card payments. The app gives access to loyalty cards, gift cards and flight or event tickets.
You can also access rewards and discounts from companies. Google Pay lets you make in-app purchases and online payments using compatible apps and websites.
High-level security
The security of businesses and customers is of paramount importance to Google Pay. It is why it uses tokenization. In this way, each transaction gets a unique code for easy tracking and management.
This method helps to ensure that no debit or credit card details pass on to merchants, but only the assigned token number. It prevents data theft and fraudulent transactions.
In addition, the app uses several levels of security. Google Pay does not store or share credit card numbers. Google securely stores all data on its server. The app issues details on a temporary virtual card.
You need a one-time security code to make a transaction, which protects against hacking. PIN and fingerprint or biometric authentication secure access to the payment system. It is invaluable protection in case of phone theft.
In addition, Google Pay provides a “Find My Phone” function. It allows you to track, block, or delete your phone remotely. Google Pay also has another security feature. The app sends an alert when you pay to a person, not in your contact list.
Recordkeeping
Google Pay simplifies accounting for businesses. It tracks and archives incoming and outgoing payments, customer invoices and all transaction information. The purpose of all this is for the customer to be able to view it conveniently.
The app allows personalisation based on transaction history. It means Google Pay keeps detailed records of all payment methods used. It ensures accurate tracking of transactions and easy access to information.
Moreover, users can easily find specific purchases and digital receipts in their transaction history. Furthermore, you can extend your search by linking your bank account, Gmail account and Google Photos.
Promotions and cash-back rewards
Google Pay offers additional benefits to existing credit card rewards and loyalty programmes. One of these is rewards for purchases at selected businesses.
By joining the Google Pay rewards programme, you can get attractive cash-back and discounts at restaurants and stores for every valid purchase. For convenience, the Google Pay app has an ‘Explore’ section. There you can find offers and promotions. So you can easily find better deals at other stores before you buy.
You can also get extra cash or other rewards by referring friends to Google Pay and telling them to make payments through the app. The payment platform makes it easy to add store loyalty and rewards cards. It helps you accumulate rewards automatically.
Main cons of Google pay
Not all countries and banks accept Google pay
Whether you can use Google Pay as a payment method depends on your location and bank support. This payment method is available in many countries. Unfortunately, it is not as popular as PayPal. This may be a disadvantage for those who may use it but can’t due to their location.
In addition, a limited number of banks support Google Pay. If your bank doesn’t offer this payment method, unfortunately, you won’t be able to use it as a payment method. But that’s not all.
However, it’s not enough that you have downloaded the app. If your customers’ banks don’t support Google Pay, they can’t pay in your shop.
While many places accept Google Pay payments, some retailers still resist this payment option. For this reason, it is advisable to check if the place accepts Google Pay in advance or look for other payment methods when visiting new locations.
Mainly for Android and Google phone users
Google Pay is primarily for Android and Google phone users. However, in some countries, you can install Google Pay on Apple (iOS) smartphones. The users can access it only if they the relevant version of the operating system, a valid US or Singapore phone number, and a Google account.
Apple users living in other countries are advised to use Apple Pay. The same goes for Samsung devices. Even though you can still use Google Pay, in this case, Samsung Pay is more suitable. In addition to being able to pay using Google Pay, your smartphone must meet the security standards for contactless payments and have NFC technology.
📚Related: Samsung Pay vs Google Pay
Moreover, the NFC functionality is essential for transmitting transaction data to payment terminals, and most modern smartphones have it. Older phones may not have this feature. In this case, you should consider other payment methods. You can check if your phone has NFC. Just search for NFC in the settings app on your Android phone.
Slow bank account transfers
Google Pay transactions can appear in your bank account within 3-5 working days. It depends on the payment method used by the sender. However, the app is not solely responsible for this delay. Banks are also involved.
Such delays can cause inconvenience for businesses that need to receive funds immediately. So, before deciding whether to choose Google Pay, it is advisable to read reviews from merchants and merchant users. It may help you see if this payment method is for you.
However, it is likely that as Google Pay becomes more popular. It is possible that more banks will start supporting it. There may still be delays when customers pay using their bank accounts. However, payments made with cards or a Google Pay balance are usually received immediately or within a few hours.
FAQ:
Is it worth having Google Pay?
It depends. Google Pay offers convenience, security, and compatibility. However, it may have limitations. Therefore, before installing any apps, consider factors like your smartphone type, banking support, and the availability of alternative payment options before deciding if Google Pay is worth having.
Is Google Pay a safe way to pay?
Yes, Google Pay is considered a safe way to pay. It has multiple security layers to secure your transactions. It also requires transaction authentication. Nevertheless, it’s important to apply basic security measures to ensure the additional safety of your payments.
Is Google Pay similar to Apple Pay?
Yes, Google Pay and Apple Pay are similar. They are mobile payment platforms that allow users to make contactless payments using their smartphones. Also, both are convenient and secure to store payment information and use tokenization to protect sensitive data. However, not both of them are available in certain countries.
Do you need a bank account for Google Pay?
Yes, you need an account, if you want to use Google Pay.