Google Pay is one of the most popular mobile payment apps in the market. People use it to transfer money, pay for products and services, buy tickets from anywhere and anytime. The app has a huge user base making it a perfect target for crypto adoption. Some people even believe that Google Pay will be able to compete with PayPal. So, what do we know about the future of cryptocurrency in Google Pay?
Google announced its plans for the future of crypto payments on Google Pay. The company’s Google Pay app is set to support cryptocurrencies in the future. Starting with Bitcoin, Ethereum, Litecoin, and other cryptocurrencies currently available on ethereum code website, their customers will be also able to add their cryptocurrency wallets to Google Pay. This will help them use the currencies across stores that accept Google Pay as a payment method.
At a later stage, Google plans on making it possible for users to buy cryptocurrencies directly through their Google Pay app in addition to being able to store the tokens. A recent report revealed that according to the search engine giant’s website, the feature is already supported by Android devices running version 8 and above. Users on iOS will have to wait a little longer before they can use cryptocurrency wallets on their devices as Apple currently has some restrictions on apps that mine or offer exchange services for cryptocurrencies.
In this round-up, we discuss Google pay crypto and base Google pay.
Digital Wallet: Google Pay
Google Pay is a digital wallet that allows you to conveniently make payments using eligible Android devices. It’s similar to Apple Pay, but for Android devices. You can use it in stores and online and send or request money from friends. It can also be used for contactless payments. Look for the contactless symbol at checkout. Note: Google Pay isn’t available at all merchants just yet — you’ll have to check with each merchant before paying with Google Pay.
Google With Cryptocurrencies
According to reports, Google Inc. has just hired Paypal Holdings Inc.’s veteran executive, Mr Arnold Goldberg, to revive its Google Pay app. Google has hired this vetted crypto asset expert to lead its new blockchain division with the hope of adapting to market demand for digital currencies. The target is to evolve with market and consumer demand for digital currencies. The team will be made of some of the brightest minds in blockchains, crypto-currencies, secure distributed ledgers, digital assets and cryptographic trust technologies.
Foreseeable Challenges for Google Pay
- The unstable nature of cryptocurrency may pose a challenge, hence losses.
- Designing the app as user-friendly might also pose a challenge for Google.
- Some countries have banned the use of cryptocurrencies within their borders; this might hamper Google’s total success in the venture.
- To keep up with the volatile crypto market, Google needs to be more flexible and efficient.
The idea of having cryptocurrency payments in a wallet that you are already using for other transactions seems convenient. However, if Google Pay cryptocurrency support becomes real, it will be only the first among many others. It could be a bold step for them and a threat to competitor platforms.