Question

How would you improve Google Pay ?

Answer 1

Clarifying questions:

Goal :- Acquisition, engagement, or monetization?

Use cases:-

1. Transfer money amongst peers

2. Pay utility bills 

Types of users:

1. Power users, casual users

Engagement:

1. Splitwise - this feature allows the users to equally divide the bills and automatically send the request money notifications and reminders

2. Spend patterns - This feature would allow users to analyze the spend pattern generated through all the debits expenses in different categories - Travel, entertainment, shopping etc.

3. Account analysis - monthly average balance, Quarterly balance etc.

4. Automatic bill payments - for the utility bills credit card bills, Rent. Rewards based on the bill payments

Monetization:

1. Overdraft facility - Google has all the information about the spends and closing balance, it could offer the overdraft facility to a limit based on the health of account

2. EMI facility - For a large scale purchase on e-commerce it can allow the users to avail the EMI facility 

Answer 2

Q: How would you improve Google Pay?

A: Using CIRCLES Method

C - Comprehend the situation (What, Who, Why?)

Google Pay is used to pay for:

1. Tickets- all types

2. Pay at Grocery Other Stores

3. Pay online for e-commerce

4. Pay for movies - in Google Play and other places

5. Send and Receive money

6. Pay utility bills (not available in every country)

Key value proposition is paying with security anywhere so you don't have to take your wallet- big relief from worry of losing credit card or someone forging your identity and use card.

 

What is the objective?

1- Increase engagement

2- Increase revenue

3- Increase awareness

I - Identify Users

1- Shoppers (use for shopping only)

2- Money Sender/Receiver (Local and International)

3-Power Users (Shopping and sending/receiving)

4-Business users (trade at local and international level)

 

My objective is monetization or increase revenue so I am going to focus on business users:

 

R - Reporting customer needs

1. Legitimacy - sender and receiver are legitimate

2. Timing - money sending/receiving should be immediate

3. Security - transaction needs to be fully secured

4. Outreach - sender/receiver should be available globally

C- cut through prioritization, L - List solutions , E - evaluate tradeoffs

Requirement	Impact to the User	Impact to the implementation
Legitimacy - sender and receiver are legitimate	High - Sender and Receiver are very sensitive about sending/receiving payments while preventing fraud and staying compliance to laws	High - Google pay is already have been operational. It needs to increase its legitimacy especially for business transactions (large in size) and if it needs to deal with international
Timing - money sending/receving should be immediate	High: Timing is of essence to any user (consumers and business operators)	Low: Google has already this in place in the U.S.
Security	High- Both consumers and business users are strongly concerned about their credentials being stolen	Medium: Google has already this in place, it needs to make sure that it stays compliant with emerging regulations like GDPR, California Information practices act, etc.
Outreach	High - equally applicable to consumers, specially for Expats who want to send/receive money internally. For business owners who want to deal with businesses globally	High: Google Pay has to work globally with countries, deal with U.S and country specific regulations before supporting the ability to (a) pay for Goods to/from the U.S (b) send/receive money, etc.

Google Pay enters in a somewhat crowded space with other players already enjoy a market share and market share penetration.

So I would go with option of Outreach. However, I would implement this in this order:

1- Consumers ability to send/receive money to friends and relatives

2-Consumers ability to pay for goods to/from the U.S

And then eventually, extend to businesses.

So, what is the ROI based on option 1?

 

There are approximately 50millions Expats live in the U.S. Say, 10% will switch to Google Pay to send money and each user pays $5 flat fee irrespective of the amount will result in (5 million users x $5) $25M a year.