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Digging Deeper Into Android Pay

posted on: Fri Jun 19 2015

Mobile Wallet

The debate over whether or not mobile wallets will take off has been raging for years. But once Apple launched Apple Pay and managed to get a significant level of adoption in just about six months, people began taking the mobile wallet more seriously. It’s become a game-changer that has lit a fire among others to quickly follow suit with offerings of their own, as evidenced by last month’s launch of Android Pay. However, higher adoption rates and a growing number of options for mobile wallets have also led to a crowded marketplace and confusion among users for the best way to pay for products. Consumers and merchants alike are trying to navigate through the benefits and drawbacks of each offering. So how does Android’s latest offering compare to its predecessors?

Android Pay differs by sticking to what Android does best: building a wide ecosystem and making connections with different players in the process – banks, technology providers, merchants, and consumers. This extensive ecosystem is essential in generating further adoption, allowing a tremendous amount of consumers to use the platform relatively quickly, and filling a gap that competitors like Apple Pay have not been able to with their current product. Android Pay is essentially a peer-to-peer service, which is a bold step forward for enabling the continued shift to mobile wallet adoption.  

Android Pay has also taken lessons from the original Google Wallet into consideration by enabling users to quickly push cards registered on other apps, like Starbucks, onto their devices. This gives Android Pay another edge over alternatives and shows why Android Pay has the ability to drive adoption even further. Another benefit with Android Pay is the ability to store payment elements in the cloud, in addition to on the device itself. Through its API layer, banks are able to use and customize their own integrations for Android smartphones, making it easier for businesses to join the platform. As Android has a 52.4 percent market share in the US, and a 78 percent market share globally, the platform’s potential to drive deeper mobile wallet adoption is high.

The mobile wallet landscape will continue to evolve over the next few years, as offerings expand and more businesses and consumers embrace these new technologies. We’re just beginning to see the impact that mobile will have, and how it will transform more of our day-to-day activities. 

 

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