Google’s payment method is a convenient and secure way for customers to make purchases online. This feature can be used on Android devices, on the web, and in-store through POS terminals.
Using Google Pay allows consumers to pay with credit or debit cards stored in their Google account, streamlining the checkout process. It also provides a faster and more secure shopping experience for merchants.
Credit cards
Credit cards are a form of plastic money that allows users to borrow an agreed amount of money for a certain period of time. This can be repaid in full or through EMIs (Equated Monthly Installments).
A credit card can be issued to individuals, or it can be provided by a bank to an existing customer. It is a secure and convenient way to pay for goods and services.
To use Google Pay, users simply add their credit and debit cards to their accounts. Once they do, they can pay using the cards in stores or online and in-app from their Android devices.
When making a payment, Google Pay sends a cryptogram that works like a one-time-use password to the card network and validates it against the actual card number. Your acquiring bank uses this information to execute the transaction.
Debit cards
Debit cards are a simple form of payment that’s fast, safe, and secure. They allow you to access your bank account and purchase goods and services online or in-store.
When you use your debit card, you transfer money from your bank account to the merchant’s account electronically. This process can take a few days, but it’s faster than credit transactions.
You can add a debit card to your Google Account and use it for purchases. You can also use it to send money to friends and family.
You can use the debit card you’ve saved to your Google Account when you buy in-store or online, and you don’t pay any extra fees. But you’ll need to verify it with your bank or credit union.
E-wallets
E-wallets are mobile or computer-based applications that facilitate online transactions and cashless in-store payments. They store credit cards, debit cards, boarding passes, identity cards, membership cards, and more in digitalized form all in one place.
Wallets also allow users to send money to friends and family in other countries. Google Pay is a popular e-wallet that allows you to transfer money from one account to another, and it is a safe and secure way to do so.
The process of using Google Pay is easy and fast. Customers simply add their debit and credit card information to the app.
They can then use this information to make purchases at any merchant that accepts Google Pay. They can even erase their wallet remotely in the event that their phone is lost or stolen.
Bank accounts
Bank accounts are a record kept by a financial institution, such as a bank or credit union, that shows an ongoing series of cash inflows and outflows on behalf of a customer. These accounts can be used for many different purposes.
The most common types of accounts are savings accounts and checking accounts. Savings accounts allow a customer to store cash for use later while checking accounts make it easier for customers to access and use their funds for purchases and bills.
Google has partnered with FDIC-backed banks and credit unions to launch Plex, a new mobile-first bank account in the Google Pay app. It first announced the alliance with Citigroup last November, and today it added six more institutions, including BBVA USA and Stanford Federal Credit Union.
With Plex, you can manage your finances from the app with simple checking and savings accounts that have no fees or minimum balance requirements. You also have access to money management features and can get insights about your spending habits.
