Google for India 2019: Google Pay for Business, Spot Platform, Tokenized cards announced
At the fifth edition of the event, the tech giant announced that Google Pay has reached 67 million monthly active users
At the fifth edition of the Google for India event, the technology giant announced slew of new features for the Indian market. Products such as Vodafone-Idea Phone Line supported by Google Assistant, Spot platform, Business app and Tokenized Cards developed by Google Pay app were the highlights of the day. Google Pay, in a span of one year, has achieved three times growth by tapping 67 million monthly active users, having transactions worth over $110 billion (roughly Rs 7,82,993 crores) on an annual basis.
Google Pay- Tokenization
It has implemented a new feature ‘Tokenization’, which will start in the next few weeks to give its users a seamless experience in transaction process.
The tokenized card feature is a digital representation of physical cards like debit and credit cards where the users don’t need the actual card number. It is a secured way of paying while using a digital token given by the app, after getting the approval from the bank.
HDFC Bank, Axis Bank, State Bank of India, Kotak Bank and Standard Chartered are already on board for Google Pay’s Tokenized Cards feature. MasterCard and RuPay cards will be supported soon once the feature rolls out for consumers.
Spot platform is the most interesting development by the company; grabbing everyone’s attention at the event. With it, Google aims to bridge the ‘offline and online’ worlds, which will help merchants create branded commercial experiences. It offers spot codes that can be scanned to make payments, and help the businesses engage with customers, without the need of a website or an app.
It has developed spot codes, just alike QR codes. The difference spot codes makes is that they allow people to scan, pick the products and pay for it. The customer can come back later to pick the products, without being in the queue.
“Merchants will now be able to support digital payments at their own convenience through a remote video process within minutes,” said Ambarish Kenghe, Director & Product Manager for Google Pay.
Google Pay users will be able to use Spot of brands like UrbanClap, Goibibo, MakemyTrip, RedBus, Eat.Fit and Oven Story. However, it will be available for businesses and developers by signing up to start the development.
Google Pay for Business
Google has also introduced Google Play feature known as Job Spots, which will help job-seekers to find a place for entry- level positions by using the Google Pay app. To begin with, it is partnering with companies like 24Seven and Healthkart in retail, Swiggy, Zomato and Dunzo in delivery and logistics, and Fabhotels in hospitality. It uses Machine Learning to recommend jobs and provides training content to help these users prepare for interviews and learn new skills.
Kenghe, said, “The vast majority of India’s over 60 million small businesses are still not benefiting from the growing digital economy. Our new app Google Pay for Business is a free and easy way for small and medium-sized merchants to enable digital payments without the hassle of time-consuming on boarding and verification process.”
Google has also partnered with the National Skills Development Corporation to help students enrol in Skill India programme to provide a seamless way to get started with the Job Spot feature.
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