The payments landscape is being disrupted by Amazon, Google, Amazon, Meta, and Apple.
Google can leverage its vast reach to increase adoption and engagement for its payment solutions in both developed and emerging markets. We predict the number of Google Pay usersThe US will experience an 8.2% growth this year, which will allow it to reach its full potential. More than 26 millionIn 2023. Adding features and products—like BNPL—can make Google PayIt’s easier and more convenient
- Rebranded Facebook Pay Meta Pay, bringing the payments suite in line with Meta’s grand plans for the metaverse. CEO Mark Zuckerberg stated that he would like to create a digital wallet for metaverse. However, mass adoption is not possible. layoffsThey have cast doubts on the project.
- Meta pulled the plug. crypto payments wallet, Novi. But cryptos are the most probable payment method for the metaverse, so Meta could use Novi’s tech to support a framework for future metaverse payments.
- Meta-owned WhatsApp delved deeper into payments: In India, users can now buy groceries within the app and make payments over the country’s mobile instant payment system. WhatsApp also has similar plans BrazilHowever, expansion could be made more difficult by the country’s regulatory complexity.
Despite the setbacks it has suffered with its plans for metaverse, Meta remains committed to developing payment tech. It could also transform WhatsApp into a platform for payments and shopping, given the firm’s challenges with advertisingIt is essential to generate more revenue. It is expected to continue expanding WhatsApp Pay into new markets.
Amazon is expanding its payment offerings on all fronts. Its popularity as a shopping platform makes it stand out from other Big Tech companies getting involved in payments. If it can harness this and successfully embed payment products into users’ buying experience, it can capture higher payments volume and transaction revenues.
This article was originally published in Insider Intelligence’s Payments Innovation Briefing—a daily recap of top stories reshaping the Payments industry. Subscribe to receive more powerful takeaways delivered directly to your inbox each day.
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