According to a report in Re/code, the new system is known as “Pony Express,” however it is not clear whether this will be the final name of the service or if it’s just a code name. The service will not only allow Gmail users to access their bills, but facilitate their payment directly through “Pony Express” instead of through the specific company website, writes Richard Nieva for CNET.
Digital payments strategy
The document seen by Re/code suggests that “Pony Express” will make its debut in the fourth quarter of this year, marking an expansion of Google activity in digital payments. The Google Wallet continues to increase its market share, and a few days ago Google revealed that the service will soon be integrated into ride-sharing application Lyft.
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This integration is a small part of Google’s struggle to compete against rivals such as Apple Pay, but now it seems that Google is working on a completely new mobile payments system. The API will reportedly operate as Android Pay, allowing for single-tap payments in stores, but will not replace Google Wallet.
Google planning new business ventures?
It is also thought that “Pony Express” could increase Google’s access to data, providing the company with access to personal financial details and potentially paving the way for its entrance into personal finance and lending. The sign up process for “Pony Express” includes identity verification using Social Security numbers, and the service will organize all of users’ different bills on one platform which connects directly to their bank account.
The new payments system could show that two teams within Google are working on similar mobile payment platforms, looking to achieve the same goals in different ways. “Pony Express” marks another step in Google’s effort to diversify its business, and by integrating financial services into its existing Gmail system, Google gives users another reason to keep using its products, while potentially opening up new business opportunities in the finance sector.
While “Pony Express” may in fact be released under a different name, the system could represents an important foray into financial services from Google.