Google Pay to Shut Down in June, Users Advised to Transfer Balance
Google Pay will be shutting down in June, the company has announced. Users are advised to transfer any remaining balance to their bank accounts before the shutdown date. However, after the closure, funds can still be accessed through the web version of Google Pay.
Google Wallet will take over as the primary option for mobile payments in the United States, providing support for a range of features including tap-to-pay, loyalty program management, passes, tickets, digital car keys, and government IDs where applicable. Interestingly, Google Wallet experiences significantly higher usage compared to Google Pay in the U.S, thus serving as a driving force behind the decision to consolidate payment services and eliminate confusion among users who had to deal with two similar payment apps.
However, it is important to note that peer-to-peer payments will no longer be supported by Google Pay after June 4th. As of now, there has been no announcement or clarity on a transition plan for this functionality within Google Wallet.
With this move, Google aims to streamline its offerings and provide users with a more cohesive payment experience. The decision to merge the platforms comes as users expressed confusion having to juggle between two separate apps for transactions.
As the June shutdown approaches, Google is determined to ensure a smooth transition for its users, encouraging them to transfer any remaining balances and explore the updated services provided by Google Wallet. It remains to be seen how the merger of these platforms will impact the landscape of mobile payments in the U.S.
Analyst comment
Neutral news.
As an analyst, the market will likely experience some initial confusion and adjustment as users transition from Google Pay to Google Wallet. However, the consolidation of payment services aims to provide a more streamlined and cohesive payment experience, which could ultimately benefit the market and potentially increase adoption of mobile payments in the U.S.
