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“Money Made Simple”

MIS 6393.003

Foundations of Digital Product Management

Guided by Dr. Vasant Gondhalekar

Team Name: Mavericks

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Sonali Joshi

(SAJ210004)

Kruthagama Divakar (KXD220014)

Rucha Patel

(RSP220005)

Divij Karwasara (DXK210047)

Sana Najmi

(STN180003)

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PRODUCT ROAD MAP

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Google Checkout

2006

    • Online payment processing service
    • Users store their card and shipping information in their Google Account
    • Quicker checkout

Google Wallet/

Google Pay Send

2011

    • Peer to peer payment service
    • Initially supported only Mastercard's from Citibank.
    • Integration of google wallet and Gmail.
    • Acquired Softcard resulting in birth of Android Pay

Google Pay

2018

    • Consolidated Google Wallet and Android Pay into Google Pay.
    • In app, online and In-Person contactless purchase on mobile devices.
    • Provided new API that allows merchants to add the payment service to their websites and apps.
    • Integrated with Google Assistant and Google Photos
    • Allowed to split bills and request money from friends

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Google Pay and

Google Wallet integration

2022

    • Google announced the revival of Google Wallet and integrating it with Google Pay.
    • New Comprehensive Digital Wallet.
    • Google Wallet allows users to store items such as payment cards for use via Google Pay, as well as passes such as loyalty cards, digital identification cards, digital keys, transit passes, event tickets, and health passes.

Google Wallet/

Android Pay

2016

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INNOVATION

Versatile and Convenient

Contactless Payment

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Continuous Improvements to Security

  • Encryption and Tokenization
  • Fraud Detection using ML
  • Two Factor Authentication

Integration of

  • Services – Gmail, Photos, Maps
  • Rewards and Loyalty
  • In-app Purchases
  • Get Gas, Get Food

Winner of

Innovation by Design Award (2021) in finance for streamlined interface and intuitive usability

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DISRUPTIVE INNOVATION

DISRUPTIVE INNOVATION

Simple and secure

contactless payments

Encryption and Tokenization

Integration of

Services,

Rewards and Loyalty

Pay

Simplicity, security and privacy, as well partnerships in financial and other service areas. 

Explore

Partnered with Companies and stores to offer app-exclusive deals to users.

Insight

Offers users weekly “stories” about users’ finances—

  • How they’re spending their money
  • What bills are coming up
  • What bank fees they were charged

There are certainly financial apps and services with similar offerings (think Venmo or Chase Pay for peer-to-peer payments, Honey or Rakuten for finding deals, or your bank or investment broker for analysing your spending and investments). But Google Pay offers all of these services in one place.

-Josh Woodword, Director of Product Management @ Google

A Comprehensive Wallet that covers

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VALUE CREATION

Shareholder

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  • Transaction Fee from Merchants
  • Advertising
  • Transaction Data

Customer

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  • Ease of Use
  • Convenience
  • Security
  • Integration with Other Google Services
  • Business Owners- Gpay for Business

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Google Pay currently does not earn any money for Google However, Google Pay has several revenue-making opportunities that can, after several years, make an estimated $4.5 billion a year. 

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ADOPTION & STICKINESS

Received $600 from Ali through GPay

Google Pay focused on partnerships, localisation, and ecosystem approach as it forged deep partnerships with central bank and government to innovate and build collectively.

Google Pay has offered various incentives, such as cashback rewards and discounts, to encourage users to adopt the service and make payments using the app. It was observed that Retention tripled once people used their first scratch card.

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Tapping into the trend… COVID 19.

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Google Pay is supported by a wide range of merchants because of the reduced surcharge, making it a convenient option.

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MARKETS

Simple and secure

contactless payments

Encryption and Tokenization

Integration of

Services,

Rewards and Loyalty

Existing

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  • Peer to Peer Payments

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New

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  • Online and in-store payment

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  • Integrated Comprehensive Wallet

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  • Gpay for Business

Adjacent

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  • Spot on GooglePay: allowed users to discover and book appointments with local businesses.

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  • Crypto Currencies

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  • Job Posting Board

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Market Share of Mobile Payment Apps in 2021 - Forbes

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MARKETING STRATEGY

  • A social media, direct email, and �flyering campaign further amplified �buzz around university campuses, �with the program reaching 59K+ students �- United Kingdom
  • Tap & Win gamification

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  • Digital marketing
  • Building products with interoperability
  • Gift or request tickets �from your friends - India

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  • Cashback promises
  • Save money with offers and rewards

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MARKETING CAMPAIGNS – INDIA

  • SaferWithGoogle – a safer way to pay
  • #GoIndia
  • #StampwaliDiwali
  • ‘Digital Payment Abhiyan’ – increasing awareness about cashless payment and online financial security in the country.
  • ‘The Vodafone-Idea Phone Line’ – to help people in the rural areas, where internet connection is weak, get information about everything.

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SWOT ANALYSIS

Strengths 

Weaknesses

  • Streamlined interface and intuitive usability.
  • Integration with other Google Services.
  • Payment Insights.
  • Rewards, cashback and loyalty programs.
  • Geographic availability.
  • Emotional acceptance.
  • It does not support all cards, Ex: RuPay.
  • Monetization challenge.

Opportunities

Threats

  • Increase geographic availability.
  • Enhance security and privacy – when compared to its competition.
  • Redesign its rewards and loyalty program.
  • Integrate with more merchants and services.
  • Increase user engagement – by offering personalised recommendations.
  • Security breaches.
  • Advancements by its competition.
  • Regulatory issues.
  • Payment habits.

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Thank You

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References

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References

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