Image from:-Online pay
For the time being, Google Pay will only allow online payments and between individuals by connecting a traditional payment card: Google's own card could expand the application's use enormously, and Google would likely position itself as a giant in the fast-growing fintech industry.
Technology firms have long been thinking about electronic payments: the mechanics are increasingly under the control of companies specializing in technological development, rather than under the umbrella of banks whose evolution lags far behind the uses and customs of an ever-growing part of society. Technology companies set the trends in many ways, while the banks are limited to trying to adapt to them, with a considerable delay in many cases.
The concept of an augmented reality developed around the Apple Card by Volodymyr Kurbatov is a good example of this:
Looking to the post-pandemic future, one in which an increasing number of people and establishments will undoubtedly refuse to pay in cash because they consider coins and notes to be possible vehicles for the transmission of COVID-19 and other likely viruses, positioning in the field of electronic payments is becoming highly strategic: it is undoubtedly the ideal time to get a central place in users. In fact, some voices advocate the development of a popular Venmo-style public payment system, owned by PayPal, which is very popular in the United States, or others like Zelle, Swish, M-pesa, etc.
A post-pandemic scenario in which cash will surely be our second choice is an opportunity to shape the adoption of new habits, building upon large-scale experiments like the one that has been going on in Sweden for some time. Tech giants like Apple, Google, or Amazon with their cashless stores are set to become major players in an attractive scenario that is tremendously relevant to information generation and offers many opportunities for reinvention.