Overview and Summary

Google Pay, which is commonly referred as G Pay, is a digital wallet and an online payment system which is developed by Google. It is created to enable users to make payments with their mobile phones, tablets, or even watches. It was originally launched in 2015 as Android Pay, the mobile payment service was released at Google I/O, an annual developer conference held by Google.

Google Pay enables the users to send and receive money, and the payments can be received directly into the bank accounts unlike other digital wallets. This eliminates the concern of first receiving money in the mobile wallets and then transferring the same into the users' registered bank account.

Users don't have to use the Google Pay app to receive payments. Google Pay has simplified the process of transferring money and a user can do it even through their website.

Current State:

Google Pay offers certain benefits for both users and merchants:

It has also added security. The data of a user's credit card or bank account is not stored on the mobile device of the user nor is it stored in the system of the seller.

A matter of trust: There are billions of people who use several Google products like Gmail, Google Chrome, the search engine, and Google Maps. So, it has a strong brand name in the market that represents stability and has mass appeal. People are more inclined to trust Google Pay than a new unknown mobile wallet.

G Pay also has an improved checkout experience. Sellers can offer a very simplified checkout experience in just 2-3 clicks.

To increase stickiness of the app they have loyalty programs and offers. On every usage you get certain cash backs and points to entice users to use only Google Pay to money transfer.

As of 2020, it is available in 40 countries. Google wants to expand globally, not just as a payment app but as a financial management app. They have great ideas for new features and want to make G Pay an app that helps you in every area of your finance.

Google Pay, to introduce various features and customize their payment app per global trends, invited Project Managers trained at Simplilearn to spearhead this Customer Centric Digital Transformation project. The redesigned Google Pay will offer a broad assortment of features that will position G Pay into the same niche as existing financial apps such as Samsung Pay, PayPal, and Apple Pay.

Future State:

Google Pay has given the Project Managers the following details for expansion:

1. Google wants to expand their support for public transport and wants to allow users to save the tickets to concerts, shows, and events in Google Pay.

1. They want to work closely with their partner banks across the globe to bring innovation to this industry. They will allow newly created credit cards to be added to Google Pay instantly without waiting for the physical cards to arrive via post.

1. Google Pay wants to offer a number of new features that are designed to streamline and personalize many financial management activities for its users. Users who will connect their bank accounts or credit cards to Google Pay will receive regular spending summaries and see their own spending trends and insights over a period of time. Google Pay will understand this spending pattern and automatically organize the users' expenditure. This will allow the users to search across their transactions using Google's functionality with simple terms like "food" or "last month" or "Chinese restaurants" to find the relevant transactions done by the user.

1. Google pay wants its user interface to be built around human conversations. For example, if a google user needs to split dinner, their rent, or any other expenses with more than one person, they can design group on the app. The app will split the bill, and also keep a track of who's paid and adjust the balances in a single place.

1. Google pay wants to introduce security measures like alerts whenever a user might be paying money to a stranger. It will have customizable privacy settings and will never sell the users' data and transaction history with third parties and or with other Google products for targeted ads.

1. Google Pay wants its users to use the app to open something known as a Plex bank account. This would be launched in the U.S. market first, and if it is a success, they plan to roll it out to other countries as well.

Plex is a new mobile-first bank account integrated into Google Pay. Plex accounts will be offered by various banks and credit unions. They will have checking and savings accounts and there will not be any monthly fees, overdraft charges, or any minimum balance requirements. This would be launched in the next 6-8 months. Google Pay wants to tie up with various U.S. banks and credit unions like Standard Federal Credit Union (SFCU), Citi, Stanford, and Green Dot to start offering Plex accounts in Google Pay.

1. Create a risk plan:
   • Identify risks
   • Perform qualitative risk analysis
   • Do impact analysis for the risks identified
   • Add the probability of occurrence for each identified risk
   • Give a mitigation plan for each risk identified
   • Write down how you will monitor this risk on an ongoing basis

You can document the details of the risks in the following template in Excel:

Risk ID	Date Raised	Risk Details	Probability of Risk Occurring	Impact if Risk Occurs	Severity (Based on Impact and Probability)	Mitigation Plan or Plan of action	Owner	Status (Open/ Close)

*Need help in identifying risks and other things listed above. Having difficulty as I am not into technical fields.*