Android Pay will assure the disposal of personal data breach

Android Pay will assure the disposal of personal data breach

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Google Inc. (NASDAQ:GOOGL) is rolling out its new reinvigorated digital payment service this week, hoping for a sparkling start.

The race for digital payment system is on hype. Many firms are popping out in this space after the success of Paypal Holdings Inc’s (NASDAQ:PYPL) digital payment system. Technology firms are trying to persuade customers to pay their bills by taping their smartphones rather carrying out debit cards to pay for the purchases. These firms are eyeing on this rich asset on an account of users’ increased attention towards this market.

Among these tech firms, Google is the one which is also trying to tap in this rich revenue domain. Google has made its way into this field in 2011. But yet it hasn’t made any sound impression. Back in May Google announced the revamped version of the Google Wallet dubbed as Android Pay and said at that time that it is confident to entice more customers with Android Pay.

Android Pay will use NFC, near-field communication, terminals for paying bills digitally. The new app supports the Google’s KitKat 4.4+ operating system. The registration process for using Android Pay is simple, users’ only have to store their credit card details on their phones app, as well as loyalty cards and other data. Most major credit cards are supported, including those from Visa, Discover, MasterCard, and Amex. In addition banks like Bank of America, with Citigroup and Wells Fargo are also teaming up with Google. The new app will be available on the Google Play app store very soon.

The digital-payment service market is expected to grow $142 billion by 2019 compared to $67 billion in the current year, according to Forrester Research Inc. The new service will be available in more than 1 million U.S stores and in over 1,000 apps. Google is already testing this service through the platform of McDonalds. Among first stores which will use this payment service includes Macy’s, Bloomingdale’s and Subway along with McDonalds.

The new service uses token system for payment of bills rather than transferring users’ credentials to a retailer. This would minimize the risk of personal information breach.

The new highly-anticipated service will launch in U.S from 28 September, with countries including the UK, Spain and China to follow. Google hasn’t disclosed its plans for the commencement of service outside of U.S.

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Brayden Fortin is a American with numerous years of investment experience in the American Equity Market and in the Global Commodity Market. He has a B.Com degree from a well respected Canadian university and has experience working in the wealth management industry. He is interested in delving into numbers to analyze companies and markets. He won a couple of international strategy simulation competitions involving decision making through numerical analysis, and also scored in the top 50 on the Bloomberg Aptitude Test (out of nearly 200,000 test takers).

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