Google could be looking for a way to be more competitive in the mobile field
Google may be looking for ways to better compete with Apple in the mobile payments field. The company made its first significant entry into the mobile payments field with the launch of Google Wallet in 2011. The Wallet was troubled by security issues in its early days, but went on to find modest success among consumers and businesses. With the launch of other payment services, such as Apple Pay, Google has begun to worry about its ability to compete.
Company may unveil changes to its payment service in the coming months
The mobile payments space is fiercely competitive, largely due to the huge companies that are investing heavily in their own dominance of the sector. Finding ways to compete in this sector is not easy, as most mobile payment platforms tend to offer the same features as one another. Google may choose to showcase its plans for the future of mobile payments at its upcoming Google I/O conference, which will be held in June of this year. If the company introduces any major changes to the Wallet platform, the event will be the most likely place to do so.
Analysts predict that Google will become bolder in the mobile payments sector
Analysts from Piper Jaffray are predicting that Google will take bold moves in the mobile commerce space. The company has not made reference to such moves yet, but Google has long held an interest in mobile transactions and engaging mobile consumers. With Apple Pay being a direct competitor to Google Wallet, the company may take steps to ensure that it can capture the support of consumers and businesses and make its own payment platform more attractive than those being offered by other companies.
No single mobile commerce service has yet become a mainstream success
Apple Pay has helped propel mobile payments into the mainstream, but the payment platform itself has not yet become a widespread success. Very few payment services have managed to find reliable support among consumers and businesses. Part of this is due to the fact that consumers can move from one payment service to the next, depending on what features they want to use at any given time.
In the coming year, businesses may be putting more focus on their mobile initiatives. Adam White, director of business development and strategy for Coinbase, suggests that services with location-based rewards and other features may find more success. The demand for all-in-one solutions, where consumers can compare prices, find deals offered by local retailers, and pay for their products is growing. Accommodating this demand could help mobile payment firms gain significant momentum among consumers.