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Google Wallet transactions jump following Apple Pay launch
Apple may be masters of marketing but it appears that the noisy launch of Apple Pay has resulted in an unintended boost for Google Wallet. Sources are stating that Google Wallet has seen a big increase in user numbers and transactions over the past couple of months.
According to a source with knowledge of the matter, Google Wallet weekly transactions have increased 50 percent since Apple’s announcement. The number of new users has almost doubled compared with last month, signifying a big boost in consumer awareness of Google Wallet. This may not be so surprising through, as Google did not put a lot of marketing resources behind its electronic payment system when it was launched back in 2011.
The success of the two platforms seems rather intertwined, as retailers are unlikely to make investments into remote pay points until consumers are prepared to make use of them. The release and growth of Apple Pay has made it more appealing for retailers to accept transactions through mobile, which is in turn a boost to Google Wallet users, which cycles back to boost availability for Apple customers.
The mobile payments market is already heating up. You have probably read about the controversies caused by CurrentC and its temporary exclusivity deals that have locked out both Apple Pay and Google Wallet users from some locations. In the end though, several of these payment methods are likely to co-exist side by side. If user growth keeps up this trend, mobile NFC payment options are likely to become much more widespread in the future.