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Google’s redesigned digital wallet is trying to make payments more personal

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Alphabet Inc.s Google attracts more people to payment apps and stays there longer with features such as a rewards system, a new financial management service, and a format that lists payments that evoke text message conversations. I’m trying.

The Google Pay app will eventually partner with 11 banks and credit unions to offer Google-introduced Plex, mobile checks and savings accounts.

Ross Cosner, vice president and analyst at Gartner Inc, has deployed a mobile app and Google Pay to help solve a wide range of customers’ financial needs other than payments.

Introduced in November, Google’s redesigned app comes at a time when digital wallet competitors are rapidly expanding both users and features. PayPal Holdings Inc. has its own app with features such as installment plans, and the company’s peer-to-peer payment system, Venmo, offers check cashing and physical credit cards with QR codes.

Many of these apps include some of the same features as Google Pay. Venmo provides users with social media, such as a friend’s payment feed, with pictograms and stickers, and a cashback reward system. Intuit Inc.s Mint provides users with insights into their money, including tracking spending in specific categories.

Google Pay provides users with personalized snapshots in areas such as weekly spending. Photo: Alphabet Inc.

The coronavirus pandemic is accelerating the use of digital wallets in mobile devices and other contactless payments. Research firm eMarketer estimates in June that the number of people using digital wallets in point-of-sale systems will increase from 86.9 million in 2020 to 93 million this year.

Mike Holzer, user experience director at Google Payments, said the design of the Google Pay app, including illustrations, threaded payment conversations, and a soothing color palette, reduces transactions and builds relationships with people and businesses within the app. I try to make you feel more about what you do.

This reflects this very conversational type of interaction, Holzer said.

The app also attempts to channel the story format of short portrait videos that are popular on social media platforms. Narrative images provide users with snapshots of upcoming invoices and bank charges. According to a Google spokeswoman, Google Pay has about seven of these stories, personalized according to user spending.

Other options allow users to connect the app to their Gmail and Google Photos accounts to search for receipts and classify transactions.

According to experts, some of these additional user experiences can make your app feel more personal than any other app.

Threaded transactions are chat-based and a design element that many are familiar with, says creative agency Another Creative Inc. Chelsea Matthews, founder and executive creative director of the company, said. It feels a bit more native in Venmo than the way things are very transaction-oriented, she said.

Jess Jaime, senior designer at design agency Jaime Studio, says the in-app illustrations are vibrant and give a more friendly feel than many payment apps.

Google Pay lags behind its more established rivals, leaving the question of whether new features are enough to catch up. Sensor Tower Inc, the top five iOS payment apps. According to a Gartner analysis of the data, the average monthly active iOS users for the app in 2020 was 1.35 million, while Cash App had 26.8 million, PayPal 13 million, and Venmo 11.4 million. According to Gartners analysis of SensorTower data, Google faces similar challenges on Android devices, with an average monthly active user of 1.33 million, Cash App with 12.4 million, PayPal with 122,000, and Venmo with 10.7. One million people.

Also, Google Pays features work best if users allow the app access to their Gmail and Google Photos accounts, so they may face additional hurdles, ad agency McKinney Ventures LLC said. .. Jenini Corson, Executive Director of Brand Experience, said.

Google is facing a series of antitrust proceedings, including one filed by the Justice Department in October. In an online post, Google said its free product helped people and small businesses, and the Justice Department’s proceedings were seriously flawed.

According to Nicholson, Google can be used for a variety of purposes, but it can be nervous about providing more information to your company. Does Google have the kind of trust that people want to connect all their financial information to Google? She said.

Google Pays Holzer said the app was designed with privacy principles such as transparency and management in mind. Gmail and photo integration is turned off by default and should be activated by interested users.

According to Holzer, experience around the world has shown that adoption continues when it comes to building features that really help users and giving them transparent control.

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Copyright 2020 Dow Jones & Company, Inc. all rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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