Google Pay start to add “clip coupons” for the US payments market

Many north American friends have been adding things like Google Pay’s “clip coupons” function refresh to their coupons.

In an effort to promote its own payment app, Google Pay, Google’s offer of up to $210 per person for $21 has become an overnight social media hit.

Google Pay, Google’s mobile payment tool, launched in 2018, introduced new features last month such as point-to-point payments, personal financial aggregation, customized transactions, banking services and more.

On December 15, 2020, Google Pay again launched a new friend invite recommendation mechanism.

Unregistered Google Pay users will receive a $21 reward when they download the new Google Pay app via their friends’ sign-up link and make their first qualifying payment by December 31.

The user payment means of the recommendation mechanism include: transferring any amount to a friend and making contactless payment in the store. A person can recommend up to 10 people, and the reward rebate is added to the Google Pay balance.

However, there are probably too many people clip coupons, Google around 21:30 p.m. on the 15th, Google changed the rules, will recommend up to 10 people to recommend up to 3 people;

In 2021, Google will also work with banks to offer fully online checking and savings accounts directly within Google Pay, a service Google calls “Plex, “according to previous media reports.

Google Pay is facing stiff competition for mobile payments, with commercial banks such as JPMorgan Chase and Bank of America launching apps that enable real-time transfers, in addition to third-party payment rivals such as Apple Pay, PayPal, Venmo, and Square Cash.

Google Pay is not the best performing of these payment apps. Apple Pay is the most popular mobile payment tool in the US in 2019, with more than 30 million people using it, and Google Pay ranks third, according to a survey.

Recently, Google Pay has been making a lot of moves in the mobile payment field, trying to tap into the huge potential of the MOBILE payment market in the US.

Influenced by payment habits, American consumers prefer traditional payment methods, such as debit and credit cards. In 2019, mobile payment penetration in China was 81 percent, compared to 29 percent in the United States, according to Statista.

In addition to further promoting its own payment tools, the generosity of Google Pay in introducing such promotions is also related to the fact that US users treat their personal data with significant privacy, including names, bank card numbers, connections with friends (i.e. contacts) and consumer records.

The epidemic has reversed this trend, with demand for contactless payments soaring. PayPal’s checkout volume in the second quarter of 2020 was up 40% from a year earlier, according to the company. Dan Schulman, its chief executive, argues that digital payments are moving “from being a good ability to pay to being a necessary basic service”.

Google developed its payment tool back in 2015, first as Google Wallet, and later launched Android Pay, a universal payment app. Both apps received little response.

Until January 8, 2018, Google integrated two apps into a single app called Google Pay. Its main competitors include Venmo, Apple Pay, Square and PayPal.

As mobile payments accelerate in the US, Google Pay is playing the “social + reward” fission, and this is likely to be just the beginning of the escalation of the payment battle between the giants.