Just when we thought Apple was the big disruptor in the payments space with Apple Pay in iPhones and the upcoming Apple Watch.
Re/code now reports that Google will soon allow bill payments right inside its highly popular Gmail.
According to the report, the service dubbed Pony Express, will allow users to link up bank accounts or debit cards and pay their bills directly in an email.
This is worthy of even Google’s big data efforts. BCG has sized the value of the global payments market as $425B (2014) transaction revenues and projected $2T (2023) in all payments revenues in Global Payments 2014 Report.
Not yet disruptive to traditional banks but it could be the thin edge of the wedge. Combining its vast Gmail database with the front end of the transaction, Google could eventually get into retail lending. And bills are new content against which the powerful Google Ad algorithm engine can run.
Is your business ready for the transformation of global payments?