Google Pay

2022

Outage at some banks in the Russian Federation

At the end of February 2022, the Central Bank of the Russian Federation announced that Apple Pay and Google Pay were being disabled from users of VTB, Sovcombank, Promsvyazbank and Otkritie due to US sanctions. The latter were introduced due to the start of the military operation of the Russian Federation on the territory of Ukraine.

According to the regulator, cards of sub-sanctioned banks "will not be able to be used with Apple Pay, Google Pay services, but standard contact or contactless payment for these cards is available in full throughout Russia."

Central Bank: Apple Pay and Google Pay are disabled for users of VTB, Sovcombank, Promsvyazbank and Otkrytie

Also, customers of banks that have fallen under sanctions will not be able to pay with cards abroad and use them to pay for services in online stores and aggregators of services registered in countries supporting sanctions.

The Central Bank assured that "all payment bank cards issued by all banks" will work on the territory of Russia, the Central Bank assured. All funds of customers of all banks in accounts linked to cards are saved and available to them at any time.

On February 24, 2022, the United States announced new sanctions against Russia after Moscow launched a military special operation in Ukraine. Washington, among other things, imposed blocking sanctions against VTB and several other banks, as well as restrictions on the operations of Russian business in dollars, euros, pounds and yen. The UK has also imposed blocking sanctions against VTB, whose assets in the country are subject to freezing, British Prime Minister Boris Johnson announced. Canada announced restrictions on the largest Russian banks, including VTB.^[1]

On February 25, 2022, the largest Russian banks issued a joint letter stating that they had enough liquidity not to restrict the issuance of cash, and warned customers against "rash actions."

A New Deal to Work with Cryptocurrencies

Google plans to offer the ability to store cryptocurrency on digital cards, Bloomberg reported in January 2022. The company hired former head of PayPal Holdings Arnold Goldberg to lead its payment division and took a new course towards business development.

At this time, the company has a partnership with the crypto exchange Coinbase and the Bitpay service. In the past, the company has avoided interacting with the field of digital assets, but now it pays significant attention to cryptocurrencies. In the fall of 2021, Google entered into a partnership with the Bakkt crypto platform. Bakkt users can add their virtual cryptocurrency cards to the Google Pay payment system and pay for goods and services in cryptocurrency. When paying, the cryptocurrency will be converted into a fiat.

Google plans to make Google Pay a "comprehensive digital wallet" with support for digital tickets and vaccination passports. The corporation is also preparing to integrate payment capabilities into search results.

2021

Number of users - 757.5 million

Data for 2021

Russian banks begin to connect Mir cards to Google Pay

On October 18, 2012, it became known that in 8 days banks will begin connecting Mir cards to the Google Pay payment service. It is assumed that this innovation will contribute to the development of contactless operations and increase the popularity of the national payment tool, since students and young mothers, who mainly receive payments for Mir, are actively using new technologies.

2020

The ability to open accounts with six US banks

Six the American banks have announced a partnership with, Google which will allow customers to open accounts through Google Pay. This became known on August 4, 2020.

BankMobile, BBVA USA, BMO Harris SEFCU, First Independence Bank and Coastal Community Bank will connect to Google infrastructure starting in 2021: banks will provide infrastructure for transactions and financial support, and the IT company implements an interface for users. CITI and Stanford FCU have already joined the Google initiative. In April, TechCrunch published screenshots of the interface of the Google Pay application, which provides a bank card balance, transaction history, a window for viewing card data, as well as the ability to block payments through physical "plastic." Then Google reported that it was "exploring opportunities to cooperate with banks." Details of the partnership with banks are still not disclosed^[2].

Contactless payment through Apple Pay and Google Pay is accepted by 19% of companies using Yandex.Cash

Contactless payment through Apple Pay and Google Pay on sites or in applications is accepted by 19% of companies using Yandex.Cash. This was announced on February 12, 2020 by Yandex. Read more here.

Availability of Google Pay in Yandex.Money services for fundraising

On January 20, 2020, Yandex.Money reported that now users can transfer funds to good deeds or crowdfunding projects through Google Pay. This feature is available in Y. Sober, Yandex.Money forms and buttons for fundraising. To send money through Google Pay, you do not need to carry a bank card and spend time entering its data - just confirm the transfer in an Android device. Read more here.

2019: Integration with the mobile application "Public services"

On November 15, 2019, TAdviser became aware that State Public services users were able to pay through the Google Pay service. You can pay a fine, bill, duty or debt separately or together using a "multi-payment." Read more here.

2018: Combining Google's payment platforms into a single Google Pay service

In early 2018, it became known that Google combines its payment platforms, including Android Pay and Google Wallet, into a single Google Pay service. This was reported on the official website of^[3]. 

Google believes the initiative will provide consumers with a uniform and easier way to pay for purchases in both traditional and online stores.

"With Google Pay, it will be easier to use the payment information stored in your Google account to quickly make a purchase," said Pali Bhat, vice president of product management. "In the coming weeks, Google Pay will be available online, in stores and in all Google products, and can also be used for money transfers to friends."

Google says Google Pay is already available on Airbnb, Dice, Fandango, HungryHouse, Instacart and other popular apps and websites.

Dave Glaser, Global eCom's chief product manager at Worldpay (one of Google Pay's official launch partners), notes: "Google Pay today removes one of the biggest barriers to mobile commerce - the inconvenience of entering card data. We know mobile shoppers are most let down by the need to fill out various forms, leaving a fifth of shoppers opting out. This new service is designed to automatically extract payment details from the Google ecosystem, which reduces the payment process to several "clicks."