Digital payment methods like PayPal have been around for a while, and more keep coming. You may already be using Venmo, Cash App and Apple Pay, but Google Pay—formerly Google Wallet—is another interesting alternative. We’ll cover the basics of what Google Pay is, what it has to offer and what you need to know before you start using it.
Google originally had Google Wallet, which was a way to make online purchases. You could upload all your credit and debit cards into Google Wallet, allowing you to easily switch between cards when you made purchases online.
In 2018, Google decided to restructure some of its consumer financial products and launched Google Pay, which was a combination of Google Wallet and Android Pay. Google Pay offers the same card library feature as Google Wallet, but comes with some added benefits and functionality.
Google Pay is an app available on the Google Play Store. Once you download it on your phone, you can use it to:
Yes, Google Pay is free to download and use. All you have to do is download the app from the Play Store and set it up with your information. It also doesn't charge any fees for purchases or other transactions made through the app.
Google Pay has much of the same functionality that other digital payment apps provide, but it also has some specific features that are worth a special mention.
Digital payments have their place, and Google Pay is a great option for some. Here are a few of the benefits you can enjoy when you use this payment method:
While digital payment methods like Google Pay are becoming increasingly common, that doesn't mean they don't still have some disadvantages. Here are some things to consider before you make the switch:
Google Pay isn't the only mobile payment option out there, and it's often a good idea to have a few in your phone in case the person or business you're trying to interact with doesn't accept it. Venmo and Cash App work very similarly to Google Pay. However, Venmo charges fees for some payments and neither of these options have the same purchase protection as Google Pay or PayPal.
Physical cards are also always an option, but it might be easy to overspend when you're not seeing the balance right then and there. If you are interested in keeping a few physical credit cards handy, keep an eye on your credit and find great credit card offers through ExtraCredit.
While Google Pay is considered a safe, secure payment method and financial tool, it doesn't have the same longevity as PayPal as far as reputation and customer service. However, it does have options to dispute and cancel purchases which makes it a decent alternative to PayPal if you're looking for something else.
If you're ready to jump into the digital payment world or just want to add another app to your payment repertoire, Google Pay could be a solid option.