Google Pay to Shut Down in June, Prompting Users to Transfer Balances to Bank Accounts
Google has announced that it will be shutting down its mobile payment service, Google Pay, in June. This move will impact users’ ability to directly manage their app balances through the platform. However, Google has assured users that they will be able to transfer any remaining balances to their bank accounts before the shutdown.
After the shutdown, users will still be able to access their funds through the web version of Google Pay. This means that they will not lose access to their money, but they will no longer be able to manage their balances directly through the app.
Google Wallet, on the other hand, is set to become the primary mobile payment method in the United States. This platform will handle store credit and debit cards for tap-to-pay transactions, loyalty programs, passes, tickets, digital car keys, and even government IDs where applicable.
As part of this consolidation effort, peer-to-peer payments, currently a feature of Google Pay, will be discontinued after June 4th. Google has not announced any plans to integrate this function into Google Wallet, leaving users without a clear alternative for peer-to-peer payments within the Google ecosystem.
The decision to shut down Google Pay and focus on Google Wallet is a result of the widespread usage of Google Wallet in the United States. Google Wallet surpasses Google Pay in popularity and usage, leading to confusion among users about the need for two separate but similar payment applications. By consolidating its payment services into one platform, Google aims to simplify the user experience and eliminate this confusion.
The shutdown of Google Pay will definitely require users to take action and transfer their remaining balances to their bank accounts. However, the availability of funds through the web version of Google Pay ensures that users will still be able to access their money even after the shutdown. With the focus shifting to Google Wallet, users can expect a more streamlined and unified mobile payment experience in the future.
Analyst comment
Neutral news.
As an analyst, the market can expect a short-term decrease in usage of Google Pay as users transfer their balances. However, the consolidation of payment services into Google Wallet will likely lead to a more streamlined and unified mobile payment experience, potentially increasing usage and adoption in the long run.
