Research and data specialist Forrester, has suggested that Google is keen to shift focus away from in-store payments, and instead wants to gain more of a presence in the digital market. The launch of a digital wallet could potentially draw in a whole host of new customers for Google, allowing the shopper to use the service across every stage of their purchasing journey, whether in-store or online.
The report follows growing concerns amongst the financial sector that Google may extend its payments products into the field of banking, a move that Forrester has labelled ‘disruptive’ for the industry.
Forrester’s Oliwia Berdak explained: “For a firm that uses information to solve problems, a logical next step is to use product, consumer and transaction data to deliver financial advice and tailored product recommendations.
“Google won’t become a bank, but it could easily become a financial services hub to facilitate the relationship between consumers and providers of financial services.”