How Mobile Wallets Become Mainstream
Michael Spencer
A.I. Writer, researcher and curator - full-time Newsletter publication manager.
Google has announced that Android Pay is updating its services to be more integrated than ever. The popular mobile wallet will soon be available as a checkout option on mobile websites.
In an age where mobile wallet adoption is starting to increase, Android Pay announced several new features and important partnerships going forwards in September, 2016.
Expanding to to the UK, Singapore, Australia and with plans to expand into Japan, adding many banks and key partnerships such as Chase, one of the largest banks in the US, is very significant. However, the most eye-catching news is:
Android Pay will be up and running on the mobile web, and first on Chrome.
- Android Pay on Google Chrome browser will mean consumers can use mobile payments system at online stores.
- Android Pay will be first mobile wallet to integrate into Uber's PRP (payment rewards program). This will allow discounts to ride-sharters when they complete transactions using Android Pay.
- Starting September 7th through October 15th, all Android Pay users in the US can enjoy 50% off 10 Uber rides. That's a pretty sweet deal!
New Partnerships Abound
- Uber
- Chase: Chase Visa account holders in the U.S. can now can use their cards through Android Pay
- GroupOn
Insight
With mobile wallets and online payments becoming the norm, competition between Samsung Pay, Android Pay and Apple Pay is heating up.
It's not only about market penetration, but as Android is showing with its diverse partnerships, about convenience and integration.
Expansion into online payments via Google Chrome was inevitable to keep up with Apple Pay.
Android Pay leveraging Uber's loyalty program is obviously the start of deeper integration and being first matters that could give Android Pay a valuable boost.
With 90% of U.S. consumers aware of mobile wallets, speed of adoption of one of the big three should increase.
74% of the total 1,528 US consumers surveyed in June were aware of Apple Pay, followed by a 45% awareness rate for Android Pay and 30% for Samsung Pay.
Mobile Payment and Digital Wallets are the Future
In a recent US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. You can read about the Top Mobile wallets here.
So next time you are making that purchase, think twice.
Are you comfortable with mobile payments and digital wallets? Which solution do you prefer: Android, Samsung or Apple Pay?