After reviving Google Pay in November of final yr, Google made an announcement right now that’s positive to show some heads within the fintech area. The 2 most related parts in right now’s information launch are new purchasing choices and spending insights.
To supply new purchasing choices, Google has partnered with Safeway and Goal to assist customers browse weekly offers on groceries at Safeway and Goal places from throughout the Google Pay app. The app will allow consumers to save lots of their favourite objects to buy at a later date. Quickly, customers will have the ability to activate push notifications to see offers from 500 Safeway shops and nationwide Goal shops when they’re close by (if they’ve location companies enabled).
The extra embedded purchasing instruments deliver added stickiness to the app. Nonetheless, Google might want to provide purchasing experiences at extra than simply two shops to really seize customers’ consideration.
Google Pay’s new spending insights software comes a bit nearer to what shoppers might count on to see at their conventional financial institution. By way of the Insights tab, customers can see their account stability, view upcoming invoice reminders, analyze weekly spend summaries, and obtain alerts when giant transactions are made. Below the Insights umbrella, Google additionally made it simple for customers to view transactions by service provider or by class.
Whereas the brand new spending insights might show to be helpful to consumers, with out extra strong budgeting, planning, and forecasting instruments Google Pay is unlikely to win shoppers over from their conventional financial institution.
In right now’s launch, Google additionally added two extra cities by which vacationers will pay for transit. By way of an integration with Token Transit, customers within the San Francisco Bay space and Chicago should purchase and use cellular transit tickets by means of the Google Pay app. The 2 new cities be a part of the checklist of 80 cities and cities throughout the U.S. that already provide vacationers transit buying capabilities by way of Google Pay.
Whatever the shortcomings of right now’s new options, each banks and fintechs needs to be cautious of Google Pay’s subsequent strikes. The app’s embedded finance capabilities, together with grocery purchasing and added transit ticket buying, are a sign of what’s to return. Equally, if Google Pay continues so as to add extra private monetary administration instruments, akin to budgeting and retirement planning, shoppers might wish to spend extra time throughout the Google Pay atmosphere and fewer time of their conventional banks’ app.