Please note! This essay has been submitted by a student.
In this world of modern day technology, people are connected with each other easily. Due to digitalization, the economy has boosted a lot. It has become easier to send and receive money online due to the numerous number of E-wallets or digital banks.
G pay or Google pay is the modern form of the digital wallet which was launched on 26 May 2011. This digital wallet is a form of online payment system which was developed by Google to facilitate users with the feature of online transaction and purchases through their smartphones or Android handsets. This platform was earlier known by the name Android pay, but on October 23, 2017, it was named as Google pay. Google pay uses advanced technology in order to protect user data and privacy. To avoid cybercrimes and frauds, Google pay uses fingerprint technology as a process of physical authentications. This astonishing platform makes use of near field communication (NFC) in order to transmit information related to funds transfer. For additional security, Google pay uses host-based card emulation (HCE) technology and two-factor authentication to avoid data breach and theft. Google pay is generally activated with a 4 digit passcode which user has to enter before any transaction. Google pay is strictly concerned with the user’s privacy, therefore, it keeps payment information safe and secure and sends a one-time password (OTP). It doesn’t send any type of debit or credit card number along with the payment. Google pay requires a screen lock to be set up on the device.
In India, this pay system was known by the name Tez but on August 28, 2018, it has been known by the name Google pay. With the help of “buy button” Google pay improves mobile business shopping which is powered by the vendor’s creative design integrated within Google pay.
For existing users updating this application would not affect previous account transactions. This platform is well built and has an amazing user-friendly interface which provides an ease of access and can be used easily by users of any age group. It is completely a simple and secure way to complete payments. The great tech giant Google launched this portal and brought UPI capability of sending payment under one roof. This is regarded as a huge step taken in order to make India more digital under the initiative of Digital India. The scratch cad features make this platform more popular in India. With many cool features and offers this platform could possibly be the best application for the transaction and can surpass other E-wallet companies in India in upcoming years of digitalization.