Alternative Payment Solution: Android Pay

2017-05-15
Price :
Published : May-2017
No. of Pages : 20

Alternative Payment Solution: Android Pay

Summary

Android Pay is a mobile payment solution launched by Google in September 2015, as an extension to the Google Wallet. The solution is accepted at more than 2.5 Million retail outlets globally, and supports all major payment networks, including American Express, MasterCard, Visa, and Diners Club. It is supported by more than 650 banks and credit unions in the US, including major banks such as American Express, Bank of America, Capital One, Chase, Citi, HSBC, UBS, and Wells Fargo.

At present, the solution is available in 10 markets: the US, the UK, Singapore, Australia, Hong Kong, Belgium, Ireland, Japan, New Zealand, and Poland – with plans to expand further into other European countries and Canada. The solution works with all NFC-enabled Android mobile phones running Android 4.4 KitKat or later, and watches running Android Wear 2.0. In addition to in-store payments, Android Pay offers in-app payments and also supports cash withdrawals at ATMs.

Users can store details of multiple debit, credit, and store cards on Android Pay, which can be used to make payments at merchant outlets. In addition, Android Pay has collaborated with banks including Bank of America, USAA, Bank of New Zealand, Discover, and mBank to integrate the solution into these banks’ own mobile apps.

In May 2016, Android Pay expanded into online payments, allowing users to shop at participating websites on the Google Chrome browser using an Android phone. To expand its online payment services, in October 2016 Android Pay partnered with Visa and MasterCard, allowing users to make payments at hundreds of online merchants that accept payments through Visa Checkout and MasterPass.

The report “Alternative Payment Solution: Android Pay” provides information and insights into alternative payment solution Android Pay, including –
– Detailed insight into its business and geographical presence.
– Comprehensive coverage of its products and services.
– Comparative assessment with key alternative payment solutions.
– Information on its performance, including its revenue model.
– The company’s important events and milestones.

Companies mentioned in this report: Apple Pay, Samsung Pay, Bank of America, PayPal, Bank of New Zealand, Bank of Scotland, Standard Chartered Bank, HSBC, China CITIC Bank International, ANZ, American Express, Bank of East Asia, mBank, Royal Bank of Scotland.

Scope

– Android Pay was launched in the US on September 2015, and expanded its services into nine other markets: UK, Singapore, Australia, Hong Kong, Belgium, Ireland, Japan, New Zealand, and Poland – with plans to expand further into other European countries and Canada.
– Android Pay supports all major payment networks, including American Express, Visa, MasterCard and Discover.
– In 2016, estimated in-store transactions worth US$8bn were run through Android Pay.
– In February 2017, Android Wear 2.0 was launched, which allows users to make payments using Android Pay on their watch.

Reasons to buy

– Gain insights into Android Pay’s business operations, geographical presence and key events.
– Gain insights into its product portfolio and revenue model.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

Filed in: Banking & Finance
Publisher : GlobalData
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