Alternative Payment Solution: Android Pay

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. 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.

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. 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 addition to in-store payments, Android Pay offers in-app payments and also supports cash withdrawals at ATMs. 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 users.

The report 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

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.