Android Pay Supported by over 1,000 Financial Institutions
Alphabet’s (NASDAQ: GOOGL) Android Pay now supports 1,012 financial institutions in 13 countries GMA Authority reported on 2 October 2017. The payment started working with 16 new banks and credit unions in recent weeks.
The biggest institution on the list is TBK Bank; or Triumph Bankcorp (NASDAQ: TBK), a medium-sized consumer bank with branches in Texas, Colorado, Kansas, and Illinois. Android Pay is also working with People’s Bank another medium-sized institution in Colorado.
Like Apple Pay, Android Pay is still struggling for acceptance. To get more users various promotional deals are being tried, the latest is a $5 gift card from Dunkin’ Donuts (NASDAQ: DNKN), Android Police reported. People that use Android Pay a few times will be able to get $5 worth of coffee and fattening treats at the fast-food shack.
Such gimmicks are needed to promote Android Pay because most big retailers are still saying no to the application. Companies like Walmart, Safeway, Lowe’s CVS, and Target are still barring it from their stores.
Apple Pay Cash being tested
Alphabet (NASDAQ: GOOG) is far ahead of Apple (NASDAQ: AAPL) in peer to peer (P2P) payments. Google has rolled out its TEZ P2P solution all over India, while the Venmo-clone Apple Pay Cash is still being tested by employees at Apple.
TEZ gives Alphabet both P2P capabilities and a quick read (QR) code payment capability. That’s important because Walmart (NYSE: WMT) accepts QR code payments but not NFC based solutions like Apple Pay and Android Pay.
An interesting possibility is that Apple is testing QR code with Apple Pay or Apple Pay Cash. That would make a lot of sense because it would Apple Pay into America’s largest retailer; Walmart and into America’s largest standalone grocer Kroger (NYSE: KR).
Even though TEZ is being rolled out in India, it is not in America yet but is likely to come here soon. Another strong possibility is an Android Pay/TEZ combination, such an app would be a one-two punch that can wipe out Apple Pay; because Android Pay already is supported by PayPal (NASDAQ: PYPL).
That means Alphabet might be soon in a position to dominate payments. Apple had better get its act together and fast or the former Google will leave it in the dust in the payments race.
