Growth in consumer choice has been one of the defining trends of the payments industry in recent years, with people now given more options than ever when they want to pay for something.
It has now been announced that another brand is being added to the payments marketplace, albeit one that brings together existing services.
Google confirmed this week that it is consolidating the various facilities it offers to enable payments – including Android Pay and Google Wallet – into a single brand: Google Pay.
This will put the web giant in more direct competition with Apple Pay and Samsung Pay.
In a blog post, Pali Bhat, vice-president of product management for payments at Google, said the company had spent the past year working to make its various payment experiences “simpler, safer and more consistent”.
The aim of bringing the various services together under a single brand is to improve convenience for consumers.
“With Google Pay, it’ll be easier for you to use the payment information saved to your Google account, so you can speed through checkout with peace of mind,” Mr Bhat wrote.
“Over the coming weeks, you’ll see Google Pay online, in store and across Google products, as well as when you’re paying friends.”
The new brand is already visible on a number of widely used apps and websites, including Airbnb, Dice, Fandango, HungryHouse and Instacart.
Google now faces the challenge of making up ground on Apple Pay, Samsung Pay and other rival brands.
According to PYMNTS.com, mobile wallet adoption figures for the US in September 2017 showed that just under a quarter (24.8 percent) of consumers had used Apple Pay, while 23.3 percent had used Walmart Pay and 13.9 percent had used Samsung Pay.
Only 11 percent said they had used Android Pay, so it will be interesting to see if Google’s mobile wallet sees a boost now it is part of the unified Google Pay brand.
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