WHAT IS GOOGLE WALLET?
Users may make payments and send money directly from their phones using Google Wallet, a mobile payment system that functions as a virtual wallet. Information from gift, loyalty, credit, and debit cards may be saved using this service, which is free for consumers. Google Wallet offers customers another quick method to pay at online retailers who accept it, and it is accessible to anybody with a more recent Android or Apple smartphone.
Online sales might gain significantly from the relatively recent technique of mobile payments. Currently, just under 50% of e-commerce traffic comes from mobile devices, but when it comes time for customers to make purchases, approximately 77 percent of users do it only on a personal computer. Because of security worries and the inherent difficulties of inputting bank card information using a touch screen interface, many avoid making actual purchases on mobile devices.
Through the streamlined use of a secure service, electronic wallets aim to allay these worries. Customers only need to click to make a purchase, and the wallet has already been updated with all of their payment information. Both participating mobile sites and in-app checkout are supported.
Additionally, Google Wallet enables businesses to advertise exclusive deals or discounts to customers straight through the app from their websites or emails. Customers have the option of adding any remaining gift card balances to their digital wallets, which promotes more sales.
HOW DOES GOOGLE WALLET WORKS?
The term “server-side wallet” refers to Google Wallet, which indicates that all user data is kept on Google’s system rather than on the user’s device. The merchant’s current payment processor and Google’s servers exchange information during transactions.
It functions something like a gift card: users load a certain amount of cash into the wallet, which they can then use anyway they choose. The transaction is equivalent to any other debit or credit in the eyes of the user’s bank, with the exception that it only occurs online through Google and not at the point of sale for the retailer. Transactions function just like any other acceptable payment method, assuming that the merchant’s point of sale is set up to accept Google Wallet.
Google Wallet includes a real card as well, which may be used anywhere that takes debit MasterCard, even if support for the mobile app is currently sketchy.
