We have recently shared our new threshold of 150 integrations. Last year we’ve spent much effort and took a long journey for our clients to connect Google Pay to their businesses and, accordingly, provide convenient services for their users. And in this article, we want to dive into the details about our direct integration with Google Pay and highlight its benefits for online businesses.
What is Google Pay
Google Pay is a mobile payment system that allows consumers to pay online and offline using their mobile devices – smartphones, tablets, and smartwatches on the Android platform.
Nowadays, Google Pay is among the leaders in the mobile payment market, along with Apple Pay and Samsung Pay. And the number of its users continues to grow rapidly under the influence of the COVID-19 pandemic. According to Juniper Research forecast, in 2021, the total volume of contactless payments made up $2 trillion, and it is forecasted to reach $6 trillion by 2024.
Google Pay accounts for 31% of all mobile payments
Why is this payment method so popular? The reasons are simple – it’s quick, safe, and convenient.
How does it work?
In order to make a payment via this method, purchasers need to draw a device with NFC support near the payment terminal for a second, and that’s it. No cash, no plastic cards, or PINs. In case it’s an online purchase, you should just press the “Pay via GPay” button, choose the necessary card in their Google wallet, and confirm the transaction.
The Google Pay app aggregates customers’ bank cards in one place – a digital wallet and allows for paying online with ease and security. It also eliminates the need to carry all the cards with you all the time. So, having an Android smartphone or Chrome browser on PCs, tablets, or smartwatches, people can enjoy frictionless shopping at any time.
Key benefits of Google Pay for business
Google Pay has a number of advantages not only for users but also for businesses and payment systems. When it comes to selling or buying, both purchasers and merchants value safety, speed, and convenience. Having all these on board, Google Pay gained global popularity. Each benefit for purchasers intermingles into that for merchants.
- Eliminating the need to enter card details, this method saves shoppers great time and makes the whole process faster. Moreover, it minimises the human error factor. As a result, it increases users’ loyalty and the likelihood of a repeat purchase.
- Google Pay encrypts and stores all sensitive financial data on secure servers. Merchants do not have access to the customer’s card number; they see only the virtual account number assigned to each card.
- The service also has a smart authentication function, which determines whether the device is safe and can request additional data from the client to unlock the screen.
How does our integration with Google Pay increase your conversion
Corefy has been processing Google Pay transactions before that, but without a direct integration, we were able to just resend card tokens to payment service providers and acquirers. The vital benefit of direct integration is that it enables all the card flow features, including routing and cascading schemes between different acquirers and PSPs. That is, Corefy now can decrypt the client’s card data tokens and determine the country, the issuing bank, etc. These parameters empower our clients and us to set the most profitable route for each transaction.
Due to this, even in case of issues at one PSP’s side, our smart engine will be able to implement a failover route for the current transaction without asking the purchaser to reenter any details. Choosing the most suitable processor allows merchants to configure the most cost-efficient and relevant routes for different purchasers’ segments.
Adding the Google Pay method to your website makes your products or services available for purchasers almost everywhere across the globe. In case you utilise our platform to orchestrate your payments and have a Google Merchant account, you can start accepting payments via GPay after several clicks in the Dashboard. Contact our team to know more and let the perfect checkout experience for your clients unfold.