November 7, 2024 – 8:47 a.m.
What matters
- Google Pay It is now available in the country for contactless payments from Android devices and WearOS watches.
- Users only you must download Google Walletadd a compatible card and hold your phone close to the POS to pay – it’s done in seconds.
- For now it is only available to those who have the Midinero prepaid card.
- It allows you to make purchases in more than 100 million stores around the world.
The context
What is Google Pay and why is this launch of Google Pay in Uruguay? This announcement represents a significant advance in the digitalization of payment methods in the country. The Fintech company in Uruguay Midinero, which has 1 million users, looked for an innovative payment method that until now did not exist in Uruguay.
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When was it released in the world? Google Wallet was launched in 2011 as Google’s first attempt at the mobile payments market in the US, allowing users to store cards and send money between people. Over the years, it evolved through Android Pay in 2015 and Google Pay in 2017 with new features, until in 2022 the company decided to revive the name. Google Wallet for the application.
What steps has Uruguay taken? This novelty is framed in an effort by the Central Bank of Uruguay to expand payment possibilities according to a roadmap that was drawn up in 2020. In recent months, instant interbank transfers were launched that allow up to 20,000 pesos to be transferred and the QR payment system was enabled through Toke , a tool that six banks already have.
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What other apps and payment systems exist in Uruguay? Mercado Pago already existed in Uruguay, which has high penetration in dozens of businesses in the country, and has popularized the QR payment system. There are other companies that have explored other forms of payment such as the possibility of doing it by hand.
As follows
Future feature additions. In addition to contactless payments, Google Wallet allows you to add boarding passes from international airline partners in Uruguay. But the app has other functions such as storing transportation tickets or digital keys (to open a car with your cell phone, for example). Hopefully they will arrive in the coming years as adoption of the platform in the country grows.
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