Google launched a new product on Tuesday called Google Pay that will replace Android Pay and Google Wallet. The search engine giant launched the service in order to directly challenge Apple Inc’s similar service called Apple Pay.
Google must’ve realized, the fact that such payment services are being widely adopted by consumers and most importantly the rising popularity of cryptocurrencies. Another reason behind this innovation might be the pending Litepay project that promises to be the first of its kind, providing a platform for cryptocurrency owners to pay for goods via Litecoin.
According to analysts, with the rapid evolution of payment providing services, Google will eventually adopt the Ripple blockchain (XRP) thus, creating waves in the commerce world.
And it seems like Ripple is the best option for Google and sooner or later Google will come to it.
Why is Ripple the best option for Google Pay?
Now Ripple being the most operational blockchain holds a long list of qualities that might be favorable for any payment service like Google Pay.
Highly Active and Prominent
Ripple can be considered as a ‘star’ in the world of crypto. Almost every day we come across news of the company signing deals with different banks and financial institutes including some high profile names like the Saudi Arabian Monetary Authority.
Now, with this momentous growth of XRP, any money payment platform will want to partner with the famous Ripple then why not Google Pay.
Faster and Cheaper Transactions
We all know that transactions processed by the Ripple blockchain are much faster and cheaper as compared to other cryptocurrency blockchains.
As compared to major cryptocurrencies, Bitcoin and Ethereum, XRP offers transactions at a much lower cost i.e. just $0.0004. Each transaction settles in about 3.3 seconds and interestingly this speed is identical to Google’s search engine speed that returns search results.
Chance of Interoperability with remittance providers
As Ripple has partnered with a number of remitting service providers, it will be very easy for Google to integrate with those platforms. Currently, Moneygram and Western Union are testing Ripple’s technology and it looks like Ripple might become the backbone of all money remitting services very soon. And if this happens, it would be a great opportunity for Google to be interoperable with major figures of the remittance providing the market.
Now, Google is not the only one that will be benefited by the partnership as Ripple in return would definitely witness a significant boost in its price.
In short, the partnership between Google and Ripple will be phenomenal, helping Google establish its payment service app while expanding Ripple’s value.