Gone are the days when people used to pay transaction fees from credit cards. Google has always been trying its best to help its consumers develop strong and cordial relations with the organization. In this regard Google has started a new mobile phone payment service named Android Pay, the best part of this service being that it won’t charge any sort of transaction fees from the credit card companies. This step has been taken by Google to prevent their users from getting penalized by those services who used to charge a lot for transaction services.
This undoubtedly is a great news for the users of Google Pay as people who were fed up of paying additional charges on each one of their transactions through various services would now be able to do the same without being charged. The process would be a smooth one as is the case in almost all of the services offered by Google. Google being a reputed brand would never want to penalize its consumers therefore Google has always been looking for ways and means to comfort its users. Everyone is well aware of the fact that Google believes in customer satisfaction and would go to any extent to ensure this, which would mean that Google Pay service would be a smooth and efficient way to making transactions.
Google has made agreements with credit card companies like Visa Inc. and MasterCard Inc., to not charge on transactions made using their credit cards. These credit card companies have already declared their tokenization and card security service free if transactions are made using Google Pay, this would make free of cost transactions which the people have been doing by spending a good sum of money lately. Ryan McInerney, the president of Visa Inc. has told the newspaper that there won’t be any charges and pass through fees on Visa Credit cards. The assurances given by the Credit card companies to not charge on any transaction is certainly a great gesture by Google for its users. Google has always wanted loyal customers to be on its side and this certainly is a step which would help develop the loyalty of its customers.
This astonishing service offered by Google would definitely have a great impact on the users as well as the competitors. The competitors like Apple with its payment service Apple Pay earns 0.15% of each credit card transactions and also half a cent on each of the debit card purchases, thus making a handsome amount of money. However with Google Pay appearing onto the scene with a boom would hold back Apple a bit. The competitors would be forced to lessen the rates or maybe stop charging on such transactions to compete better with Google. Without reducing the rates, competitors will lose a whole lot of their customers as Google provides the same service free of cost. Therefore there is no point being persistent to charge as they used to before Google announced the launch of Google Pay.