[quote]Christophe Bourbier, Chairman of Limonetik[/quote]
In July 2014 Google announced an update of its Google Wallet app, adding several new features. Good news for followers of mobile payments in the USA, although Europe will have to wait a little.
The Google e-wallet began life as a web service, enabling online payments via a specific button. Since then it has evolved into a mobile application, which may be used as a real wallet. Following its latest update (July 2014) Google Wallet now allows users to store loyalty cards. Additionally, gift cards may now be stored digitally as was already the case for credit cards.
Another feature announced by Google, is the possibility to request money from others by sending a notification with an attached message. And it doesn’t stop there. Furthermore, users will be able to send money to others using their credit cards. The good news is that Google waives any transaction costs when funds are transferred between friends. The third and final update is the integration of the Spanish language into Google Wallet.
Google Wallet, the market leader, must pay attention to Amazon
The Amazon Wallet entered into the market as a competitor to Google Wallet. For the time being it is not yet possible to make online payments with Amazon Wallet, it is simply an area for money or gift cards storage. Undoubtedly, in a few months, the payment function will be effective and Amazon Wallet will become a serious competitor.
The e-wallet accounts for around 15% of payments across the world
According to a Worldpay company survey about different means of payment across the world it is in Asia and Pacific that the e-wallet is the most popular (23%). Asia is closely followed by North America (USA and Canada) for which 18% of payments are made through the e-wallet. Europe follows with 13%, before South America (10%) and Africa for which the e-wallet is only used for 5% of payments. The survey also shows that Google Wallet is one of the most popular payment methods in the USA. However, the Google application still has several markets to conquer, notably in Asia and Europe where the figures show that the e-wallet already has a good foothold in the market. For the continued growth of the application it is now important that it be available and functional everywhere. Watch this space…