On Wednesday Google announced a reimagining of their Google Pay product for the US market. Taking clear inspiration from Venmo and Paypal, Google have focused in on the friends and businesses that matter most to the user, making splitting the bill at a restaurant even easier.
Three things struck me as exciting about their announcement, with the first being Plex, “a new mobile-first bank account integrated into Google Pay”. For years Google have known a user’s intent to purchase and in the US, Australia and Japan they’ve used public records to segment the population by household income. The current household income targeting could become a thing of the past if users are quick to adopt Plex. How long until Google starts to exclude users from seeing ads for purchasing a house because they know that user can’t get a mortgage? Or a new life event appears to users who have just been paid?
Sure, Google likely already has access to similar data points, but with more first party data comes the opportunity to verify existing assumptions and increase the confidence in targeting users lower down the marketing funnel.
Google also announced the ability to find and apply promotional offers in app, activating them with just one tap, with the offer being automatically applied when you pay in-store or online. With brands such as Burger King, Etsy and Target mentioned in the announcement, it is clear that big businesses already see the opportunity to drive new customers and increase loyalty, whilst potentially cutting out established affiliate players.
Finally, the announcement I’m most looking forward to as an avid takeaway connoisseur is the ability to “order food at over 100,000 restaurants, buy gas at over 30,000 gas stations and pay for parking in over 400 cities, all from within the app”. Whilst the details of this announcement have not been made clear, chances are a partnership is in the works with the likes of DoorDash or UberEats.
As a marketer looking in, the opportunities that arise from the new Google Pay reimagining are clear; strengthening Google’s data offering, increasing the amount of conversions (both online and offline) that come via a Google product and stealing market share from the competition. I’m confident that once the trial is proven in the US, it will only be a matter of time before the new feel Google Play is rolled out into other regions.