Alternative Payment Solution: Android Pay
Android Pay is a mobile payment solution launched by Google in September 2015, as an extension to the Google Wallet. At present, the solution is available in 10 markets: the US, the UK, Singapore, Australia, Hong Kong, Belgium, Ireland, Japan, New Zealand, and Poland - with plans to expand further into other European countries and Canada. The solution works with all NFC-enabled Android mobile phones running Android 4.4 KitKat or later, and watches running Android Wear 2.0.
The solution is accepted at more than 2.5 million retail outlets globally, and supports all major payment networks, including American Express, Mastercard, Visa, and Diners Club. It is supported by more than 650 banks and credit unions in the US, including major banks such as American Express, Bank of America, Capital One, Chase, Citi, HSBC, UBS, and Wells Fargo. Users can store details of multiple debit, credit, and store cards on Android Pay, which can be used to make payments at merchant outlets. In addition, Android Pay has collaborated with banks including Bank of America, USAA, Bank of New Zealand, Discover, and mBank to integrate the solution into these banks’ own mobile apps.
In addition to in-store payments, Android Pay offers in-app payments and also supports cash withdrawals at ATMs. In May 2016, Android Pay expanded into online payments, allowing users to shop at participating websites on the Google Chrome browser using an Android phone. To expand its online payment services, in October 2016 Android Pay partnered with Visa and Mastercard, allowing users to make payments at hundreds of online users.
The report provides information and insights into alternative payment solution Android Pay, including -
- Detailed insight into its business and geographical presence
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones
- Android Pay was launched in the US on September 2015, and expanded its services into nine other markets: UK, Singapore, Australia, Hong Kong, Belgium, Ireland, Japan, New Zealand, and Poland - with plans to expand further into other European countries and Canada.
- Android Pay supports all major payment networks, including American Express, Visa, MasterCard and Discover.
- In 2016, estimated in-store transactions worth US$8bn were run through Android Pay.
- In February 2017, Android Wear 2.0 was launched, which allows users to make payments using Android Pay on their watch.
Reasons to buy
- Gain insights into Android Pay's business operations, geographical presence and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Table of Contents
Partner Banks and Financial Institutions
Partner Banks and Financial Institutions in the US
Supporting Merchants in the US
Products and Services
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.