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Google Pay may reset strategy with new readers and enter cryptocurrencies

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Expansion / Google Pay will continue to go around the drain.

Google is inviting new executives who want to turn around the troubled Google Pay division. Bloomberg reports that PayPal’s chief product architect, Arnold Goldberg, will run Google Pay after former payment chief Caesar Sengputa resigned in April.

Of all the Google services that survived in 2021, Google Pay was one of the cruelest years of any product. In March, Google Pay launched a completely new app in the United States, replacing the long-standing old Google Pay app.

This new app was originally developed for India and is very different from the old Google Pay app used in the United States. To get started, the new app switched to identification using a phone number instead of a Google account. This means that many features that US users are accustomed to are no longer supported. Indian consumers are accustomed to identifying phone numbers thanks to apps like WhatsApp, and since smartphones are the only device for many consumers, restrictions are not a big issue for users in that country.

However, in the case of Google Pay in the United States, relying on the SIM card for the ID means that the website function of Google Pay will stop, the multi-device function will not work, and Google Pay will support multiple accounts to a single account. It means that we have moved to support only. As I wrote shortly after the launch date, the new app was a catastrophe.

A month after its massive launch in the United States, Sengupta left Google, causing Google Pay users in the United States to disrupt the app and reduce key features. The global Google Pay user base is still split into old and new apps, questioning the future of the sector, including the already-promoted plan to open a Google “Plex” bank account.

According to an August report from Business Insider, Sengupta’s resignation began a major escape from the department, “seven leaders of the team with the role of director or vice president” and “half of the working people.” “Dozens” of employees and executives, including, have left. In the business development team “

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According to Pulse Network (Discover Card Wings), Google Pay accounts for 3% of the total NFC market in the United States.

By October, the division felt really reckless, and reports surfaced that Google’s plans to open a consumer bank account had been terminated. Google has already promoted the service on several blog posts, with 400,000 people signing up on the waiting list to get an account.

In the BI report, a former employee said, “Caesar. [Sengupta] Leaving was the pinnacle of many frustrations felt by employees. The product wasn’t growing as fast as we wanted. You can get some difficult numbers to support this claim that you aren’t growing enough for NFC payments, which is one of the main features of Google Pay. Google is 3% of the US NFC payments market and Apple dominates the market with 92%. Google was the first major tech company involved in NFC payments, starting with the 2011 Galaxy Nexus. This was three years before Apple’s launch. For a fee, Google is now in the last place, thanks to a deadlock in management, an endless series of reboots and rebranding, and Android’s obedience to the whims of mobile operators. It’s embarrassing.

Restart Google Pays

The plan to open a Google bank account has just been cancelled, but Bill Lady, Google’s president of commerce (and another former PayPaler), told Bloomberg that he wasn’t a bank. “As part of the overhaul, Google will focus on becoming a’comprehensive digital wallet’that includes digital tickets, airline passes, and vaccine passports,” Bloomberg’s report added. Both tickets and COVID cards are current Google Pay features, so this statement doesn’t really say anything.

One new thing Google mentioned is the potential for cryptocurrency support. Lady told Bloomberg: “Cryptography is something we pay close attention to. As user demand and merchant demand evolve, it evolves with it. Currently, Google has partnered with Coinbase and BitPay to store cards. However, it does not accept cryptography in the transaction.

We hope this will bring a more dramatic pivot than the one outlined in the article, as the report mentions many new people in high positions on Google Pay. It’s strange to suggest this, but if 2021 didn’t happen, the service would be better. Is it possible to revert old apps and websites?

Sources

1/ https://Google.com/

2/ https://arstechnica.com/gadgets/2022/01/google-pay-hopes-to-recover-from-brutal-2021-with-new-leadership/

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