How Amazon, Google and Apple are embracing new currencies
The day and age when you were limited to paying with PayPal, credit card or money transfer is over. Apple, Google and Amazon are embracing pastures new.
New currencies have been all the rage since the widespread adoption of the internet, but while man are a flash in the pan, some are made to last. Why? Because they make purchases easier, safer, more convenient.
Apple Pay and Android Pay – The unlikely twins
They’re the Methuselah of modern payments, having been released in 2014 and 2015 respectively. But Apple Pay and Android Pay haven’t made full use of their potential yet. These mobile payment services keep evolving, tapping into new markets, collaborating with new merchants.
Spiritually, the two products are like brothers. You save your credit card details in your Apple Wallet or Android Pay app and can then buy products in-store using your phone. Both can be used online as well. Apple Pay, however, has a little special treatment for its users. It enables you to send money via messages.
Pay with Google – The newest craze
Back in May, Google announced a new payment solution entering the market this fall – Pay with Google, which kicked off earlier this month. This service promises to speed up your online purchases dramatically. You have probably saved your card details at one of Google’s products, like Google Playstore or Android Pay. If you now head to an online shop or an app you can choose to pay with Google. Google then synchronizes your card details and communicates the shipping address to the retailer.
Google’s Pali Bhat states in a blog post: “ If you’ve ever paid for something on your phone or tablet, you know just how frustrating checkout can be. Maybe you had to fill in a bunch of forms. Maybe your session timed out. Maybe you encountered an error and had to start all over again.“
Google strives to overcome the boundaries of different devices, shops and websites. Gone is the annoying wait of typing in card number, expiration date and so on and so forth. You won’t need them when shopping on your smartphone or on the Chrome browser.
Of course, the number of apps and websites where you can pay with Google are still highly limited. But they include some big names, such as “Kayak“ or “Wish“.
Amazon and the Bitcoin - A promising alliance
Bitcoin, a digital asset dubbed a “cryptocurrency”, is commonly used as an investment commodity rather than a currency. That’s both because of infrastructural constraints and consumer habits. Overcoming that situation is a herculean task for Bitcoin and co.
However, a giant step forwards is on the horizon. Rumours are swirling that Amazon will soon be accepting Bitcoin as a payment method. This has already boosted Bitcoin’s share price to an all time high of $ 6,000.
If Amazon really takes this step, the impact it would have on Bitcoin and cryptocurrencies in general would be tremendous. It would mean that Bitcoin is actually accepted as a real currency, the way it was originally intended to be. Moreover, it would now have very real-world value on Europe and America's biggest online marketplace.