Google Wallet Expansion: What Does It Mean For Retailers?

Lately, Google Wallet announced that it has been live in 5 new countries (Argentina, Albania, Bosnia and Herzegovina, North Macedonia and Montenegro). Now, users from 66 countries could get access to Google Wallet. What does the rapid development of digital payment mean to retailers? What should they do to follow this wave?

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What is Google Wallet?

Google Wallet is a mobile payment system developed by Google. It acts as a virtual wallet for users and various cards can be stored here, like debit cards, credit cards, loyalty cards, gift cards, etc. When paying in the stores accepting contactless payments, users just need to tap their smartphones to the payment terminals to complete their payments.

Coincidentally, the technology giants like Apple, Samsung, Paypal, etc., have realized the growing demand for digital payments and launched their digital wallets in succession. Why the digital payment or mobile payment have been in high-speed development in these years? What are the advantages of the tap-to-pay method?

Digital wallets provide an easier, faster, and safer method for customers to make payments.

  1. Tap-to-pay makes payment easier

In this era when almost everyone has a smartphone, it seems that the chances of forgetting your wallet are much greater than the chances of forgetting your smartphone. Digital wallets make customers pay successfully without a plastic card. The payment progress has been simplified and offers more ease to customers to pay without cash or cards.

  • Tap-to-pay makes payment faster

Tap-to-pay makes payment faster by eliminating some steps in the process. When paying with a credit card, customers have to take out their plastic cards, enter passwords and sign. However, all these steps are not required when making mobile payments. They could complete payments with a simple tap of their mobile devices. Without the complex steps, the digital payment process is faster and more time-saving.

  • Tap-to-pay makes payment safer

Using encryption and tokenization to protect payment information, tap-to-pay avoids data theft by third parties to the maximum. Paying by digital wallets doesn’t require customers to share a PIN or sign a receipt, which minimizes the risk of PIN theft or forgery. In addition to data security, contactless payment makes customers complete their transactions without any physical contact, which greatly reduces virus transmission in the post-pandemic era.

What does the popularity of digital wallets mean to retailers?

As digital wallets have been developing rapidly, customers’ payment preferences will change accordingly. They had better do something to catch up with this wave.

  1. Offer various payment options

The development of digital payments enriches customers’ payment options and retailers are advised to support plentiful payment methods to adapt to the diversified payment preferences of different customers. No retailer will be happy to see their customers turned away because their payments cannot be accepted.

  • Invest in contactless payment

During the COVID-19 pandemic, more customers get accustomed to contactless payments. This convenient and simple payment method still wins the favor of customers. It’s a beneficial decision for retailers to invest in contactless payment technology that will improve customers’ payment experience.

  • Train employees to embrace contactless payment

Employees should embrace the new payment technology to provide the best payment experience for customers. Therefore, retailers had better train their employees to be skilled to deal with digital payments after they purchase payment devices that support digital payments.

Payment devices are important for retailers to catch up with the latest technology trend and deliver the best experience to customers. As a smart terminal and solution provider with 24-year manufacturing and customization experience, Telpo has developed a wide variety of POS terminals. These payment terminals have won praise from users worldwide.

Telpo has launched the classic EFT POS, TPS900, which supports various payment methods covering IC cards, NFC, QR codes, and biometric payments. This payment terminal has won full certifications including PCI 6.X, EMV, Paywave, MIR, etc. Click here to learn more details. https://www.telpo.com.cn/eft-pos/tps900-eft-pos.html 

Telpo M1 is another popular mobile POS launched by Telpo. Compatible with NFC and certified by Google Mobile Service, Telpo M1 can be used for SoftPOS. The superior NFC performance will provide a speedy and safe payment experience for customers. Click here to learn more details about Telpo mobile POS. https://www.telpo.com.cn/mobile-pos/m1-mobile-pos.html 

What’s worth mentioning is that Telpo developed a smart POS terminal named M8 lately. This terminal integrates payment methods of NFC, QR codes and SoftPOS, and satisfies the payment needs of customers. Click here to learn more details about Telpo’s latest smart POS terminal. https://www.telpo.com.cn/mobile-pos/smart-pos-terminal.html 

Welcome to contact us for more details. Telpo has the confidence to boost your business.

Tag: Google Wallet, digital payment, digital wallet, contactless payment

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