Google Pay, on 18-11-2020 launched an exciting and revamped application to its customer base in the US, on both Android and iOS platforms. This revamped application, if considered to be a strategic move from Google Pay would not be a wrong way to put it in words. A direct challenge to the fresh players in the Digital Payments’ soccer field who have been making quite a show of their presence recently. Well, let’s discuss it maybe later, as of now, our only focus should be on the amazing features that Google Pay has plucked in its bucket.

Home Screen G-Pay

Google Pay has come forward with the following enlisted features in its latest release.

  1. Pay
  2. Explore
  3. Insights
  4. Plex

The First Tab: Pay

Google Pay has enhanced the features of its already existing Pay tab services i.e. tap-to-pay and peer-to-peer. The new services this tab will be providing is that every pay tap you make, will open up a new chat inbox, exactly the way your WhatsApp conversations. This will eventually help to easily keep tracking payments to one specific beneficiary, getting away from the hassle of scrolling down and searching the Transaction History or Account Statement. 

Users will now also be able to set up group payments i.e. creating a group with multiple people in it and allowing them to send and request money from each other. In addition to this, the app will keep track of who has paid and who hasn’t; empowering the requester to politely embarrass the other person who hasn’t paid in a group of people. This is exactly what I had been looking for, since it is quite a hassle and pity to ask people for your money. But, I don’t think this is coming to Pakistan anytime soon, and that is quite un-happy.

Besides this, the new Pay tab will also have two new options of “Order Food” and “Get Gas,” compatible with over 100,000 restaurants and 30,000 gas locations respectively; as claimed by Google. 

The Second Tab: Explore

Progressing further knowing about the new Google Pay features, one notices how stepwise, in an efficient and simple manner, Google approaches to grab the attention of the audience. The Explore tab aggregates deals and offers for its users. At first, only generic offers will be surfaced for a user, but along with it upon the user consent, Google algorithms will start to play the real game. A three month free trial would be provided in the initial phase, where Google will analyze user’s transactions’ patterns  in order to customize what deals and offers should be displayed to him/her. This raises concerns of one’s privacy to be invaded but Google has ensured that the customer data will not be compromised to any third party. In addition to this, frequent reminders will be prompted to the user, asking whether him/her wants to keep using this feature, ultimately keeping customer’s consent to be its first and foremost priority. 

Last but not the least, all these offers and deals are backed up by attractive cashback offers and upon availing any offer the cashback amount comes back to the Google Pay account.

The First Tab: Pay
The Second Tab: Explore

The Third Tab: Insights 

This feature is personally my favorite. It is something majestic for anyone who finds managing his/her money a cumbersome task and ends at overspending without keeping a track of it. As the name of the feature suggests, this must involve some robust and strong search ability of Google’s algorithms. As soon as you make a link between your Bank accounts with the Google Pay application, the Insights with its analytics will provide analysis and reports of your spending and saving behavior and would also provide alerts of the upcoming bills. How does it do that; it simply scans through your transaction history besides you worrying about to manually handle this. It is compatible with all standard checking, savings, credit and debit cards. 

The wow factor associated with this feature is that it can extract data from other sources as well; if you choose to i.e. your Gmail and Google Photos account.It does this by using the OCR technology to scan through your transaction receipts. 

In addition to the above mentioned factors, you can specifically oversee your spending by searching for it as a category, for example: food, and Insights will provide all the expenditures in this category. Well, the Insights feature is not done boasting yet. Google Pay will feature stories just like that of Instagram, informing about your upcoming bills, your payments to your friends etc. It’s just how Google puts it out and it is quite wonderful.

Make savings happen; Make payments happen; Make goals happen

GPay look

The Fourth Tab: Plex

Plex is not specifically a fourth tab, it is just the fact that I wanted to keep a coherence in my content. In the year 2021, Google will finally be launching a new banking service called Plex. Partnering up with eleven banks and credit unions and allowing its customers to pick their own choice, it will handle basic checkings and savings in the app by engaging with an online bank directly. In this way, Google will ultimately be allowing the banks to use Google Pay as their banking application. 

The bank partners for now include Stanford Federal Credit Union, Citi Bank, SEFCU, BMO, and BBVA

Looking into the newly revamped Google Pay application, we can see that Google aims to be a big player in the domain of Digital Payments, putting the tech giant to challenge the neobanks and their philosophies threatened by its vast resources and tech prowess. However, Google will have to convince the audience on it’s measures taken to ensure the safety of security and privacy of data, and if done the right way, will definitely put Google Pay in a supreme position in the world of Digital Payments.

People should not have to work so hard on money, money should be working hard for them. We believe there is an opportunity to make money simple, secure and more helpful for everyone.

Caesar Sengupta, General Manager – Payments at Google