India is going through a phase of transformation where the upheaval of the digital platform is the largest one. This has completely changed the way of the payment process and made the life of people simpler. The introduction of UPI (Unified Payment Service) developed by NPCI (National Payment Corporation of India) has boosted the digital payments to extremely newer levels.
Google Pay is a virtual wallet for making payments by storing all your debit and credit card details. There is no need to use plastic money and you can use this wallet for any kind of transaction from your cards.
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There are a number of new features which has been introduced by Google Pay to benefit the customers. It has started taking the tokenized cards for debit and credit cardholders. This allows the payment through the digital token instead of the card details and hence this is helpful in removing the dependency on UPI. These cards will be available in the market soon with Visa cards from HDFC Bank, Axis Bank, Kotak Mahindra Bank, and Standard Chartered. Other banks will join it soon.
How Tokenization Payment Works ?
Tokenization works slightly differently when Google Pay is facilitating in-store or online payments. However, here’s basically how payments work:
- A Google Pay user adds a credit or debit card to their Google Pay app. Google Pay requests a token to represent the card they’re trying to add from the bank that issued that card. Once the token is issued, this card is now “tokenized,” meaning it has a unique identification number associated with it. Google Pay encrypts the newly tokenized card and it is ready to be used for payments.
- To make a purchase, a customer taps their mobile device on a point-of-sale terminal or chooses to pay in your mobile app. Google Pay responds with the customer’s tokenized card and a cryptogram which acts as a one-time-use password. The card network validates the cryptogram and matches the token with the customer’s actual card number.
- Your acquiring bank and your customer’s card issuing bank use existing customer information and decrypted customer billing information to complete the transaction.
Benefits of Tokenization Payment
Here are some of the benefits merchants enjoy with Google Pay:
1) Easy online integration
2) Increased sales
3) Traffic, brand affinity, and engagement
4) No transaction fees
5) Enhanced security
Customers enjoy a better experience when they choose to buy with Google Pay, such as:
1) Fast and easy purchases wherever they buy
2) No cost: Customer don’t have to pay extra transaction fees while using Google Pay
3) Peace of mind: While using Google Pay to buy in stores, Google Pay doesn’t send their actual credit or debit card number to make the payment.
Google Pay for Business
Google pay is now available for Business also by launching an app called Google Pay for Business. This app allows the small and medium enterprises to accept the payment via UPI with on-boarding process via Video Call. This app has multiple benefits for the users as it provides the rewards on the transactions and the earning can be measured.
Google pay for business comes with the Spot platform that will help merchants to come online by creating a virtual store using Google Pay APIs. This stores can accept digital payments via Google Pay using the Spot platform and can also be helpful for customers to pick up purchases at a later time.
Google Pay for Business
1) Help customers find your business in the Google Pay app.
2) Lower your costs by reaching more customers via Google Pay app without increase your business app costs.
3) Connect with customers by creating and sharing offers with customers using Google Pay’s custom business channel.
4) Integrate with Google Pay quickly and easily
5) Enjoy enhanced payment security: Google Pay
1) Pay with Google Pay for free
2) Easily set up and use Google Pay
Job Spots on Google Pay
Google pay is going to provide job opportunities by its app Jobs Spot. Jobs spot earlier was a standalone application and now it has collaborated with National Skills Development Corporation along with 24Seven, Healthkart, Swiggy, Zomato, Dunzo, Delhivery, Biba, Lenskart, UrbanLadder, The Leela, MedLife, Fabhotels and a few more.
Initially new platform aims to connect job seekers and employers for entry-level roles in the fast-growing sectors such as on-demand businesses, retail and hospitality.
For Skill India graduates who sign in on the app will also have their offline certificates automatically appear in their jobs profiles as a digital badge, which improves the process of matching them with relevant jobs.
One Platform for Shopping, Travelling, and other utility apps
Google pay is enabling retail stores to make digital payments using Google pay. Through Spot Store, a customer can purchase the product as done on other apps. This would help the customers by preventing them to install multiple apps for different purposes.