Sep 24, 2015 10:35 AM EDT
Google Wallet is poised to take on micropayments, a space that PayPal once monopolized. In fact, exactly how closely Google Wallet is looking to mirror the rival service is reflected on its page’s copy—echoes of PayPal are stamped on a good number of lines. No matter, with the exception of Facebook, Google does have a knack for taking on different online giants and winning.
Google Wallet is not a new service. In fact, it is been around since 2011. The market did not really take it up, and so, with the rollout of Android Pay, Google Wallet became a separate app altogether.
The difference between Android Pay and Google Wallet is this: Android Pay manages a user’s credit and debit cards and lets them use it via NFC terminals, while Google Wallet will be like PayPal.
Want to split the bill on a pizza? Wire your friend your share via Google Wallet. Want to pay your rent without having to write a check? If your landlord is pretty tech-savvy, talk him into accepting Google Wallet payments. Indeed, Google Wallet just might take a swipe at PayPal’s market dominance.
The market for electronic and micropayments is more than mature. PayPal has weathered millions of disgruntled users and is still standing, even after 17 years. Google has had 17 years to study the platform, and they have the artillery to dodge the mistakes PayPal made.
If Google Wallet’s copy is to be believed, the service already has an ace up its sleeve: Google Wallet claims to allow a user to “quickly” cash out to one’s bank account, or spend the money instantly using the Google Wallet Card. PayPal, on the other hand, has racked up the disgruntled users’ notes because of delays in money transfers, especially when it involves banks.
Google Wallet’s copy does not specify how long “quickly cash out to your bank” would take. With PayPal, users usually have to wait for 3 to 5 days for PayPal to either send from a bank to the PayPal account, or withdraw from PayPal to a bank. Will Google Wallet be able to top this? The user reviews would be the best gauge in the coming days.
The only thing left for Google Wallet to do is to ensure that they deliver, make sure their service runs circles around PayPal, and keep their platform secure. After all, with the spate of Android vulnerabilities mushrooming of late, there is a very real need to assure their user base that the users’ money would remain secure.
And they should also work on their webpage copy. A user overly familiar with PayPal will certainly get a case of déjà vu.
For more on Google Wallet, visit the official webpage: https://www.google.com/wallet/
About Android Pay on Droid Report: http://www.droidreport.com/taxonomy/term/23210
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