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:
Tickets- all types
Pay at Grocery Other Stores
Pay online for e-commerce
Pay for movies - in Google Play and other places
Send and Receive money
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
Legitimacy - sender and receiver are legitimate
Timing - money sending/receiving should be immediate
Security - transaction needs to be fully secured
Outreach - sender/receiver should be available globally
C- cut through prioritization, L - List solutions , E - evaluate tradeoffs
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.