You may have tried Google Pay before, but you didn’t know many cool facts about it. So the cool news is that there’s a whole lot more to Google Pay than you realized! Read on for more cool facts about Google Pay to know before your next payment.
I am going to share some of the best Google Pay statistics that I have found and hopefully it can give you some insight and help you decide whether or not this is something that you want to do.
Google Pay Statistics In 2022
Google Pay is one of the leading methods of digital payment in the world. About 800,000 websites are using Google Pay. Out of the 19 countries that use Google Pay, most of them are in India and Russia.
Whether you want to know all about how exactly the Google Pay algorithm works, why that might be the case, or if the Google Pay statistics and facts are important to you, you can learn all about it right here at Fast Company.
In-store payments in India dominate the Google Pay market, while in Russia, using Google Pay is also a common occurrence. In the United States, however, the use of Google Pay in real-world stores is still quite low.
A number of companies are working on mobile wallets that will compete with Apple Pay. Samsung has recently announced that they were working on their own mobile wallet.
Other services like movies, transportation, and restaurants are much more popular with people when using Google Pay.
Google Pay is the preferred way to pay for anything, but one of the main features of Google Pay is that it is free to use anywhere.
In America, more than 790,000 websites accept Google Pay. It is expected that number will continue to rise as more people move to digital wallets.
This year, a big percentage of all transactions were made from digital wallets and it was one of the most important trends in the financial sector in 2020.
According to Google, one of the most popular reasons they would use Google Pay is because they would rather not carry a card for an electronic transaction.
Google Pay, which has been used on Android phones since 2016, is now a standard feature that can be downloaded from the Play Store.
To make this an even better experience, Google Pay is now available on Android devices in 15 languages! This means you can take your hands off your wallet during a ride!
This is about 90% of the total spend of the internet companies in India. In 2019, the Google Pay transaction value in India was about $3.5 billion. This is less than 1% of Google Pay transaction value in the USA.
Google is expected to double its wallet business this year, but it also warns that its business is likely to reach saturation in the next couple of years, so the company will continue to seek partnerships with other wallets.
Mobile wallets have become very popular with people of all ages, and as such, we can expect to see a rise in the number of wallets and even higher increase in the amount of wallet funds that are sent to exchanges.
America’s mobile payments market-share has Google Pay in third place, with Apple Pay taking the most significant market share, followed by Starbucks, and Costco.
When I checked the number of transactions over the past year, I found that Google Pay was more than Starbucks.
Google is incredibly popular, and you can tell that with their huge market share in India.
As the number of Google Pay users continues to be lower than the number of Apple Pay users, it is clear that Google needs to take steps to attract more users to its platform.
Mobile payment fraud has been on the rise over the last 3 years and recently hit 27% of all online sales.
I hope you don’t see the number of fraudulent applications increase.
Consumers who pay with their mobile device may also be at greater risk of losing their data on the device, especially if they are using their device to transfer sensitive information like banking or credit card data, said the report from the payment industry’s PCI Security Council.
People will only be more comfortable with the idea of using mobile payments and digital wallets and it is expected that in the future fewer people will be cautious when it comes to using them for purchases.
I have done some research and can confirm most of the major credit cards are supported, which will help with the payment system. The problem with Google Pay is currently it only supports payment when you are in the US.
With contactless payments becoming more common, retailers are accepting these payments everywhere from the streets to their convenience stores.
This is a really good insight into the future of payments.
It shows how much we’re relying on technology to pay. It also implies that we need to ensure we have a strong, reliable, and secure technology that runs a world economy.
It’s a good start at a general audience overview of the subject, and makes the case for the importance of payments and the need for regulatory oversight.
The second one is a more thorough overview.
Google Pay has been in the news quite a bit recently since the announcement of Google’s plans to launch mobile payments in the U.S and elsewhere.
Additionally, Android Pay was the main payment method available on Google Play.
Near-Field Communications (NFC) is the technology that allows you to make contactless payments, and Google are the company that created it and is now powering it on all phones.
Google Pay is an all-encompassing digital wallet that lets you purchase items with your Google account.
You can use whatever you want, so if you’re more interested in using Google Pay to shop online or just use it to pay for coffee in the local store then you can use that, or you can use it for online shopping but you can just use it for coffee, or you just want to use it for everyday spending.
Google Pay has become integrated with many mobile banking apps, which allows users to send and receive payments easily.
It was a trend for more people to access their accounts through mobile devices and mobile banking apps. Instead of just accessing accounts through a PC, users are now able to do it from their mobile phones too.
Google Pay uses NFC technology and utilizes various layers of security so that your information is protected when you shop online.
The merchant receives a unique code to match the unique purchase amount and the unique email address of the customer. Google Pay is also a much safer platform than using a card because the funds are managed directly through the online bank and not your credit card.
How Popular Is Google Pay?
Google has about 25 million active users in the United States, the world’s second most- populous country. The user base grew to around 100 million in 2017.
Apple Pay is growing at a really fast pace and in the next financial year, there will definitely be a lot more users,
so that figure is only going to increase.
If we take a look at Google Pay we see that it’s still quite low in terms of adoption but if we compare Samsung Pay to Apple Pay, they are both in the same boat with Samsung Pay barely beating out Apple Pay.
How Many Countries Use Google Pay?
The Google Pay platform is currently available in 42 countries, and it is expected that the number will increase in the future.
Which Is Better, PayPal Or Google Pay?
As long as you know about the features of the platform, the PayPal Android app is a good choice. However, you may not be able to use it to the extent that it can be used on iOS devices.
Besides, it is a good question. You can use your credit card
account to Google Pay. And the payment will be completed instantly
without any delay. You just need to be careful that your account
hasn’t been frozen or closed.
What Are The Cons Of Google Pay?
The biggest weakness in Google Pay is that it doesn’t give you real time transactions like many other mobile wallets. This means that you will have to wait longer to check if your transactions went through or they happened earlier on.
If that’s a problem for you, then you may want to consider Apple Pay, Samsung Pay, or another mobile payment method.
A lot of people were curious to know from our perspective if Walmart takes Google Pay, if Wendy’s takes Google Pay, and if Home Depot accepts Google Pay? Read our blog to find out more.
Conclusion
Google Pay has about one hundred million users, with India being where in-store payments with Google Pay is greatest.
Google Pay will add one million new users per year to make sure its payments system is prepared to handle the massive increase in users as well as increase in the amount of money spent on it!
The survey, conducted by Innocean and conducted for the FISMA Consortium, surveyed consumers, banks, and industry experts on the top concerns surrounding mobile and digital payments, and the results are in. The study found that nearly 70% of people are concerned about fraud related to mobile payments, and millennials are the group most likely to use digital wallets.
Sources
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