Update: On February 20, 2018, Google replaced Android Pay and Google Wallet with a single payment service, Google Pay. Learn more about Google Pay here!
Today, businesses and consumers alike welcome a new way to make and accept payments with the launch of Android Pay in Canada. Now, Android™ users can make purchases straight from their mobile devices and businesses have a cost-effective way to potentially boost sales and expand customer reach by providing the payment convenience that customers want.
So, what is Android Pay?
It’s a free mobile app – known as a digital wallet – that allows Android users to preload their debit or credit card information to make fast and secure payments with their mobile device. Android Pay enables businesses to process transactions the same way as a traditional contactless-tap card, but to make a payment the customer taps their smartphone or watch on a payment terminal’s contactless sensor rather than a physical card. By accepting Android Pay and displaying the Android Pay decal in the storefront, it will help to attract passersby and show that your business is ready to support their payment needs.
Businesses can also take advantage of Android Pay in-app payment acceptance, which is a purchase made through a business’ mobile app. Customers can simply tap the Android Pay button at checkout and confirm their identity through fingerprint or unique passcode verification to complete the transaction. Android Pay simplifies the checkout process by capturing cardholder billing information at signup and removing lengthy billing forms at checkout. This option not only enhances the online shopping experience for the customer, but helps businesses significantly reduce shopping cart abandonment by double.
Accepting Android Pay is easy…
If your business is currently set up to accept contactless payments, you’re Android Pay ready today. Simply follow the prompts on your Moneris® terminal and the purchase will be processed in seconds. To be sure that your business is Android Pay Ready, visit Moneris’ Android Pay Readiness [Checklist].
At Moneris, we are dedicated to helping businesses provide seamless payment options to their customers. Our latest spend report shows that almost 40 per cent of payments processed by Moneris today are made by tap-and-go transactions, a figure that we anticipate will reach 50 per cent by the end of 2017. Android accounts for 50 per cent of smartphones in Canada and now that digital wallets like Android Pay have been introduced in Canada are gaining in popularity, businesses should expect to see more of their customers looking to use this feature.