The access of masses to technology is ever-increasing, being facilitated by the continuous innovation and efficacy of the technological ecosystem. Certainly, one facet of this access is smartphone penetration, which has become an integral part of human life. This gadget has transformed not only human-to-human interaction but also human-to-machine interaction, and this transformation is characterized by seamless operations which have brought many conveniences to our lives. Android by Google is the most widely used smartphone operating system in the world and one distinctive feature of Android is Google Pay, which has reshaped the realm of digital wallets and contactless payments. Mostly referred to as G Pay, the feature is enabled by Near Field Communication (NFC) and takes a significant leap towards establishing smart IoT platforms.
Technical Architecture of Google Pay
Being developed by Google on the principle of Unified Payment Interface (UPI), Google Pay is essentially a digital wallet platform and online system empowered by NFC technology. The users can add their debit/credit card information to the smartphone via scanning or manually and then the same interface can be used for making contactless payments on point-of-sale transactions. NFC transfers the card information to the retailer’s point but in the form of a virtual account number, thus facilitating the exchange of information privately in the lights of the retailer’s system. The whole process is secured via two-factor authentication, and the communication is further facilitated by host-based card emulation and Android’s security. More so, physical authentication can also be added into the interface like transactions being authorized by the fingerprints of the users or the relevant passcodes. Technology-wise, Google pay utilizes EMV Payment Tokenization Specifications, Funding Primary Account Number (FPAN), and Device Primary Account Number (DPAN). Alongside, it also uses cryptographic techniques during EMV-mode transactions and Dynamic Card Verification Value (DCVV). Additionally, if a Google Pay-enabled smartphone is lost, the user can remotely block or halt the service via the Find My Device service.
Utility of Google Pay – Powered by NFC
Given the current scenario of COVID-19 and all the restrictions in place, the value of Google Pay becomes more important than ever; it can significantly reduce human involvement while making the payments at POS transactions. More so, it reduces the wait and processing time as far queuing at the retail stores is concerned. On a macro-scale, NFC-powered Google Pay can take a significant leap towards establishing a Fintech eco-system, which is marked by efficiency, efficacy, and optimization. More so, it can open a lot many avenues for the incorporation of technology into everyday lives.
Most of all, this service is free of cost for the consumers as Google can simply be downloaded from Play Store. It provides customers the peace of mind that their actual card details are not being shared at the POS transactions. On the retailer’s side, Google Pay is marked via easy online integration and increased sales; not only transactions are secured by enhanced security frameworks but also there are no transaction fees involved, thus complimenting the overall business proposition.
Google Pay is the perfect example of how technology can be leveraged to achieve business excellence and growth. Being free of cost, more and more retail outlets are opting for the subject technology but one key consideration is to be kept in mind; google pay can only reap the maximum benefits when all the stakeholders have developed an eco-system i.e., increased smartphone penetration, internet access, and retail integration are the pre-requisites for successful solution deployment. Once done, Google pay is all about convenience and seamless processing in the domain of shopping and retail management.
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