Mobile payments are how the future will handle money. What is more they’re already common and the preferred method of payment for many people and accepted in several online and regular stores. Many mobile payment apps are already popular – Apple Pay, Google Pay, Amazon Pay, and other country-specific options.
They offer the convenience of quick and easy payment with only your smartphone. Even though it’s your credit card or bank account that will be charged, you don’t have to physically carry it around to make a transaction. Your smartphone with Google Play installed is sufficient.
It sounds like a simple deal to install Google Pay and enjoy cashless and credit card-less payment wherever you go. However, it is not necessarily as easy as it may appear, especially if you’re not very tech-savvy. Take a look at the pros of cons of Google Pay before you decide to use it.
Pros of Google Pay
1. Easy to set up and use
It is easy to install Google Pay on your smartphone. You just have to make sure that it is NFC-enabled to be able to use it. NFC stands for near-field communication and is used for communication and transaction between two electronic devices, one of which is a smartphone.
It is also necessary that your smartphone is a more or less recent model running at least Android Kitkat 4.4 or higher. You can set it up with your basic details, cards (including reward cards) and enable permissions to get started.
Use NFC with a POS terminal to make the payment. Note that you can also transfer cash to your friends and others simply by having their mobile phone numbers handy.
2. High level of security
Google Pay is designed with several layers of security to ensure that your money isn’t misused or stolen. Your credit card numbers are not saved or shared with anyone.
Instead, Google simply switches it with a virtual one for added security. You will be prompted to use a one-time security code to complete a transaction. This makes it safe from hacking.
Even if your phone gets stolen, the thief might not be able to access Goggle Pay without knowing your access code or biometric authentication. This makes it safer than cash or cards which can be easily misused.
3. Carry only your phone
If you’re one to carry your phone wherever you go, then you won’t suffer forgetting your wallet at home. Simply look out for supermarkets or stores that accept Google Pay as a payment mode and make purchases with only a few clicks in your phone app.
These days, the number of retailers who accept Google Pay as a payment mode are increasing.
If you’re in an urban area, the chances of acceptance are higher. It’s as simple as that – no hassles!
4. Attractive promotion and reward programs
One big advantage of mobile payment methods like Google Pay is that apart from the convenience of use, they also reward you for promoting it.
Depending on the country of use, a user will be entitled to receive a small commission every time they spread the word about the app to their friends network and those people make their first transactions on Google Pay.
Google Pay also lets you add store loyalty as well as reward cards. After you make a purchase using such cards, you’re automatically entitled to the reward points
Cons of Mobile Payment
1. They aren’t accepted always
You can use Google Play in most stores, online shopping sites, and pizza outlets, but you can’t set off anywhere without your cards or cash feeling sure that Google Pay will be accepted as a payment mode.
Even though it’s been a while since online and mobile payment options have been available, several stores and supermarkets still don’t accept anything other than cash or credit cards.
Several stores accept one or few types of digital payment but not all for certain reasons. If a shop you’re visiting refuses Google Pay as a payment option, tough luck! There isn’t anything much you can do about it.
For instance, you might find Walmart stores that accept only Walmart Pay as the only accepted mobile payment mode. This is because it is easier to track.
2. Support on only certain phones
Not all smartphones are the same. Google Pay isn’t supported on all phones. Only recent models that support NFC to send the transaction data to a payment terminal can be used for making payments. If you have an older model without the NFC functionality and wish to use Google Pay, you’re out of luck.
This is an era of cashless transactions and everything is accomplished online. When you use online shopping sites, you get the invoice along with your purchase and even otherwise it is easily accessible from your orders section.
If you’re old fashioned and wish you had bills to refer to and keep tab of your payments, then you’ll find Google Pay inconvenient in that aspect.
3. Concerns of Data Privacy
Google Pay and most other mobile payment methods leave behind a transaction record that cause worry to some people.
Even though there is a high level of security offered and even though they aren’t made available for public viewing, it is a cause of concern.
This is a time when hackers are able to penetrate through top-level security and firewalls, and there’s no knowing what information they’ll be able to gather from your transactions.
4. Dependence on phones and lack of receipts
Since your payment through Google Pay is directly tied to the smartphone and mobile app, you’ll be at a disadvantage if your phone is lost, the app is mistakenly deleted, or the battery dies.
Without your phone, you’ll not be able to make the payment – as simple as that.
In conclusion, Google Pay is not only convenient but also easy-to-use and secure. Several online stores and shops accept Google Pay as a valid payment mode. However, it must also be kept in mind that not all stores accept it as a payment mode. You might have to check with a store before you purchase to know if Google Pay is accepted. Many stores mention right outside the payment modes accepted. The future is very bright for technology advancements, especially in money transactions. Still, it might take some more time before you can step out of your home confidently without your wallet.