Google Pay could become a comprehensive digital wallet, with airline passes and possibly crypto

Google to make Google Pay a comprehensive digital wallet, including digital tickets, airline passes,
Google is continuing to work on Google Pay, striving to make it a comprehensive app for all your digital payment needs. And now, XDA-Developers reports that the company has shared some of its plans to make Google Pay a wallet that might even include support for crypto payments.

Google plans to make the Google Pay app even more comprehensive as a digital wallet

Google has now hired formal PayPay executive Arnold Goldberg, according to Bloomberg, and this move is a part of the company's strategy to offer a wider range of financial services through the Google Pay app. It seems it is looking to add financial services from crypto giants Coinbase and BitPay.

So far, Google has not announced it is planning to include support for crypto payments in Google Pay, but it seems that it remains open to adding it if demand for it arises. Reportedly, the company is paying attention to crypto payments and the evolving demand.

So far, despite Google's dominance in the search market, as well as in other online services markets, it has not yet shaken up the world of finance. For now, Google Pay has gained some popularity in India, but it doesn't manage to reach Apple's payment platform yet. Of course, Google has not created its own credit card or financial products, something that Apple has done.

Bill Ready, Google’s president of commerce, stated that the aim for Google is to help create connections. He also said that the plans to expand the things covered by Google Pay also include digital ticket support, airline passes, and even vaccine passports.

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Google is also integrating payments with Google's shopping efforts. One example of that is a feature that shows consumer loyalty cards and personal discounts directly in search results. At the same time, the Mountain View tech giant is trying to position itself as more welcoming to merchants than Amazon for example. One such thing Google did was to eliminate fees for retailers selling on its shopping service.

Additionally, Google Pay doesn't take commissions. This way it can have people finding value in its payment services so that they keep searching and buying on Google properties.

“Helping more activity occur on a free and open web -- that naturally pays dividends to our overall business,” Ready stated.

And then we have crypto currencies. So far, as we mentioned above, Google has partnered with Coinbase and BitPay to store crypto assets in digital cards, but users will still pay in traditional currencies and so far, the company isn't accepting crypto for transactions.

Google Pay's history dates back to 2015

Back in 2015, Google introduced the Google Pay app. The payment app then got a revamped look in late 2020, and it aimed to become a hub for consumers to track expenses and hunt for discounts on the web. Back then, Google shared that the Pay app had 150 million monthly active users globally.

However, Google Pay is facing tough competition, even on devices that have Android (because, as you might suppose, Apple Pay is only for iPhones and Apple devices). For example, Samsung also has its own payment system which is a rival of Google Pay on Samsung phones.

According to industry analyst Tom Noyes, back in 2020 Google accounted for 4% of contactless payments in the US. Recently, Google has not been providing updates on the monthly users of Google Pay.

Recently, Google Pay has received an update with a useful shortcut menu. Pretty much, the app got some added shortcuts for easier use, making understanding how to use some of its features easier and more clear. It will be curious to see how Google Pay will evolve as financial services and its rivals evolve in the future.

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