It is a revamped app that stores all your cards and personal information.
Replacing Google Pay
Google rebrands its Google Pay app. During the IO event in May, Google said that it would revive Wallet with new features that were not in Pay.
What are the Differences Between Pay and Wallet?
Google Pay stores credit card information. You can also link other digital payment services and hold your airline boarding passes.
Google Wallet, on the other hand, can do all those things and other features. For instance, it can store your digital driver’s license or you can use this app to unlock your car (you can only use it if you have a car that supports digital keys).
Soon, Google Wallet will replace the Pay app. It means that the information stored in it will show up in Google Wallet.
If you are in the US or Singapore, Wallet and Pay are two separate apps. In other countries, the new features will be added to the existing Google Pay app.
But if you are confused, just download and install the Google Wallet app as it includes all the new features. It works like Google Pay but with more features. You can use it when purchasing something from a store where Google Pay is accepted.
Digital Wallet Adoption
Millions of people around the world are already using digital wallets. According to this research, around 3.5 billion people will be using a digital wallet by the end of 2022. And the adoption is not slowing down. Merchants and issuers are adopting and providing digital wallet services.
Consumers like the easy, safe and secure way to transact online and offline. People are more comfortable using their digital wallets with their credit cards inside their phones than using physical plastic cards.
Digital wallets are more secure as they offer two-factor authentication. It can be difficult to steal card information.
Digital wallet payments can also reduce fraud while they enhance security. Furthermore, it mitigates the risk of security breaches. Consumers can also archive their payment records and get an insight into consumption services.
Merchants also benefit from digital wallet adoption. They embrace this form of payment because they can provide their customers with their preferred payment option. Furthermore, the digital wallet can boost customer loyalty as it can personalize marketing vouchers.
With various solutions integrated into digital wallets, customers’ buying journey becomes easier and more attractive. As a result, merchants enjoy increased sales.
Over the next few years, the role of digital wallets will increase rapidly. This is not surprising considering that mobile devices have become a part of everyone’s life. With improved security and convenience, digital wallets’ usage will increase. Because of the different ways consumers use them, the digital wallet domain will always be diverse.
With the increasing adoption of digital wallets, more competition is expected. And it is no wonder Google has introduced new features to its Wallet and Pay apps. They keep everything organized and encrypt your purchases.