As far as the user's bank is concerned, the transaction is identical to any other debit or credit, only the transactions go exclusively through Google rather than the merchant's point of sale. It acts somewhat like a gift card: users place a set amount of money into the wallet they can then spend as desired. Transactions take place between Google's servers and the merchant's existing payment processor. Google Wallet is what is known as a server-side wallet, which means that all of a user's information is stored remotely on Google's system, rather than on the user's device. According to Forrester Research, payments made with Google Wallet and other services like it are expected to top $140 billion by 2019. Customers can also add any gift card balances to their virtual wallets, which helps drive additional sales. Google Wallet also gives merchants the ability to highlight special offers or discounts from their websites or emails directly to the shopper via the app. The fast checkout works both in-app and on participating mobile sites. Customers simply click to buy something and all of their payment info is already entered into the wallet. Customers avoid making actual purchases on mobile devices because of concerns about security and the inherent difficulty of entering bank card information using a touch screen interface.Įlectronic wallets look to sidestep these concerns by streamlining the mobile payment process via a secure service. Currently, mobile devices account for just under 50 percent of ecommerce traffic, but when it comes time for users to purchase items online, nearly 77 percent of users do so exclusively on a personal computer instead. Mobile payments are a relatively new strategy that has the potential to greatly benefit online sales. Available to anyone with a newer Android or Apple smartphone, Google Wallet gives users another fast way to make payments at ecommerce stores that accept it. The service is free for users and can store credit, debit, gift and loyalty card information. Google Wallet is a mobile payment system that acts as a virtual wallet, allowing users to make payments and transfer money straight from their phones.

Open google wallet