A payment gateway is a service provided by an e-commerce application service provider that authorizes direct payments or payments through ones debit/credit cards for e businesses, online retailers and even to offline retailers who still use brick and mortar approach. A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank.
Google Pay (Gpay, formerly pay with Google and Android pay) is a digital wallet platform and an online payment platform developed by Google to power in app purchases on devices that enables a user to make and receive payments with phone, computers, tablet and watches. This platform was earlier marketed as Android Pay, Pay with Google, Tej Pay and now it is all integrated into one ‘Google Pay’. So the current updated platform is a mixture of several e wallets and platforms making it a robust product.
This rebranded service is now linked with various merchants across the country that allows users to avail one click pay features. A user can also use payments cards through Google gateway by filling in the required details
Google pay uses NFC (near field communication) to make a transaction or to transfer information from user to merchant. It replaces physical debit, credit or other magnetic chip cards by just adding them to the server and using them from the app itself. In other words there is no need to carry your cards along once you have saved them to the wallet.
Google pay takes advantage of user’s hardware to protect his personal information. It uses a finger print authentication to login with devices which have finger print sensor and for devices without a Touch Id sensor, a 4-6 numeric pass code is used to access your wallet. When the user makes a payment to a merchant, Google Pay does not send the credit or debit card number with the payment. Instead it generates a virtual account number representing the user’s account information. This service keeps customer payment information private, sending a one-time security code instead of the card or user details. To activate Google pay you need to put up a lock on your phone.
To add a debit or credit card to the wallet a user can simply take a photo of the card or enter details manually like card number, CVV, expiry date and fill all the related feeds. The cards get added to the gateway in real time therefore a user would not experience any procedural downtime. Google aims to enhance shopping experience by adding a Google buy button on inside app
Google’s payment gateway ‘Gpay’ holds ground in 20+ countries unlike other gateways (Paytm, Mobikwik) and functions on nearly all supported networks like
Google pay was already a great way to send money to your friend or settle dues but now a user can pay bills, recharge, pay for monthly electricity consumption, book movie tickets, flight tickets and even send gift cards. Google has just added QR code as a way of payment. Earlier a user was required to add contact details of the receiver in his device’s phonebook to execute a transaction. Now by QR code you could just pay to somebody you’ve just met by scanning a QR code.
There are plenty of gateways/wallets out there but you need to make sure that you don’t get on the wrong horse. The number of users could be a good indicator or a label of trust for any such gateway. Google pay has already hit the mark of 100 million + downloads on play store and app store which is followed by Samsung’s payment gateway ‘Samsung Pay’ with just 50 million downloads.
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