Google Pay, formerly known as Android Pay, is a mobile payment platform created by Google for facilitating contactless purchases in apps, online, and in person using Android smartphones, tablets, or smartwatches.

Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.
How To Set Up Google Pay Account:
1. Download the Google Pay App: First, head to the Google Play Store or the App Store on your smartphone. Search for “Google Pay” and install the app.
2. Sign In: Open the Google Pay app and sign in using your Google Account. If you don’t have one, you can create it during the sign-in process.
3.Add a Payment Method:
– Tap on your profile picture (usually located at the top right corner).
– Select Wallet.
– Tap Add to Wallet.
– Choose the type of card you want to add (debit, credit, or other options).
– You can either use your phone’s camera to capture the card details or enter them manually.
– Review and accept any terms from your card issuer.
4. Check NFC Compatibility:
– If you plan to use Google Pay for in-store payments, check if your phone has NFC (Near Field Communication) capabilities.
– NFC allows your phone to communicate wirelessly with payment terminals at stores.
5. That’s It! You’re all set up. Now you can use Google Pay to make online purchases, pay in stores, and even send money to friends and family.
Remember, Google Pay is a quick, easy, and secure way to manage your payments.

The post How To Create Google Pay Account appeared first on Tech Digest News.

Interswitch has announced that it will support Google Pay on its Interswitch Payment Gateway platform.

In a statement, the firm noted that the initiative would enable businesses and individuals in the country to benefit from the simplicity and security of contactless payments and digital storage.

It added that merchants would now be able to store payment details within Google Wallet and the integration would facilitate a smoother checkout process on the Interswitch platform.

The firm stated that the collaboration would enable the acceptance of international cards on its payment gateway.

The Managing Director of Digital Commerce and Merchant Acquiring at Interswitch, said, “We are proud to align with Google Pay, as it exemplifies our commitment to delivering cutting-edge payment solutions that facilitate seamless transactions for businesses and their customers.

“By integrating Google Pay into our Payment Gateway, we are empowering businesses to harness the potential of a global customer base while ensuring secure and reliable payments.”

Meanwhile, Interswitch has stressed the need for financial institutions and stakeholders to form strategic alliances to deepen the viable prospects of digitisation in the country.

The Regional Head, South-West at Interswitch, Tunji Ashiru, stated this at the TechConnect 3.0 edition, held in Ibadan, Oyo State, recently.

Speaking at the event, which had the theme ‘Adapting, Scaling, and Advancing with Fintech’, Ashiru said, “In today’s rapidly evolving digital landscape, collaboration and innovation form the bedrock of progress. Together with all stakeholders, we are poised to chart a course towards a future where digital payments are more than just transactions; they are instruments of empowerment, progress, and connectivity.”

He further stated that Interswitch TechConnect 3.0 demonstrated the technology firm’s commitment to driving the growth of the payment ecosystem.

The regional head said, “Interswitch has been at the forefront of enabling innovation in the financial industry, facilitating payments, and leveraging advanced technology solutions to shape the future of Africa.”

The post Interswitch to enable contactless payment on Google Pay appeared first on Tech Digest News.

TECHDIGEST – In this Insider Intelligence’s Fintech Trends to Watch in 2022, five trends have been identified to impact and shape the Fintech ecosystem in 2022.

This is coming as Fintech startups attracted a record number of users and funds in 2021, marking a turning point for fintech. Also, in response, incumbent financial institutions (FIs) accelerated their digital transformation initiatives, and Big Tech companies threw their hats into the finserv ring.

Meanwhile, use of fintech tools became widespread among consumers, fueling a retail trading frenzy and a boom in the adoption of more cutting-edge products like crypto.

Here’s a look at the top trends that will impact fintechs in the coming year:

• The fintech funding boom will usher in a new era of digital offerings. Fintechs will use their funding to improve the financial health of neglected customer segments and bring more customers into the fold. For example, we anticipate greater focus on the needs of hourly and salaried workers from fintechs like Origin and CloudPay which offer in-demand services such as earned wage access.
• Big tech will make big moves in banking and insurance. Big Tech’s “on ramp” to financial services will be embedded finance—the inclusion of financial products and services in the customer journeys of nonfinancial companies. In 2021, VCs allocated $4.25 billion in embedded finance investments, almost three times the amount of 2020 funding, according to PitchBook. And while payments is the most mature area of embedded finance (see Apple Pay and Google Pay), we expect banking and insurance to become the next battlegrounds for embedded finance.
• Hyperpersonalization will catch on in banking and wealth management. One-size-fits-all financial services exclude too many customers. By delivering highly targeted experiences, providers stand to benefit from higher customer satisfaction, growth, and loyalty. In wealth management, we expect segment-specific providers to enter the market in swaths, such as those that target the aspiring mass affluent.
• Digital brokers will hunt for new revenue sources as the day trading frenzy dies down. Already, the number of aggregate shares traded fell 14% quarter over quarter in Q3, per DriveWealth. This trend will accelerate further in 2022. For instance, we see players looking for novel ways to benefit from crypto, such as offering more coins or adding crypto wallets.
• Crypto adoption will go mainstream, while DeFi faces its first major hurdle. We expect crypto use will become widespread as FIs, social media platforms, and gaming developers enter the market. For example, financial software vendors such as Temenos and FIS have already unveiled crypto products for their bank clients. But we also see DeFi facing increased regulatory scrutiny: The SEC has made clear that it intends to rein in lending and DeFi platforms. This could send overambitious crypto startups back to the drawing board.

The post Five trends that will impact Fintechs in 2022 appeared first on Tech Digest News.