Chat Pay

The ewallet space seems to be revving up a notch. After PayPal's foray into crypto, Google Pay is next with an update [1 2 3]:
  • User interface modeled on chat where financial entities and shops are friends and messages are transactions. For example, from a pizzeria to you: 'pizza delivery received? pay 20 bucks?' and you answer: 'yes' to transact payment.
  • The app can scan a user's Gmail and photo gallery, with permission, to incorporate electronic and paper receipts into expenditure analysis.
  • Hard to search through and organize your huge pile of transactions and receipts? The app will apply semantic search tech meaning, say, when you look for food transactions, the search knows to retrieve pizza, burger, hotdog, bagel etc.
  • The app will offer checking (ie current) and savings accounts from 11 banking partners, starting with Citi and SFCU in 2021.
  • Beyond an ewallet, the app doubles as a banking app offering account opening and cross account consolidated analysis.
  • It also features promos and discounts from businesses. [Like a real wallet, an ewallet should be filled with cash not promo vouchers, but who knows, it might work well in practice.]
  • Google says ewallet data won't be used for targeting ads or sold to third parties. [Google being a tech giant watched over like a hawk by US and EU authorities would perhaps be more careful with data, than, say, a random startup.]
  • Google Pay competes with Venmo (PayPal's ewallet), Cash (Square's ewallet). Apple PayMint and others.