A general question is asked by today is can credit card be added to goofle pay? In this article we will answer this question with history of each.
What is Google Pay
Google Pay is a payment service (primarily online) that was launched by Google on 18 September 2017. In the year 2017 Google pay was only available in the United States of America but gradually it expands its business to Europe, Canada, Australia, and India by the end of 2018.
Google Pay allows people to use their Android device or smartphone to make in-store purchases, payments, and recharges. The service allows users to pay for goods and services online using information from a debit or credit card stored with Google, as well as make contactless payments at retail stores using an Android device or any other NFC-enabled card.
What is Credit Card?
It is a small plastic card with a magnetic strip that has a numeric card number, expiration date, and security code also called CVV. It is used for making purchases at stores and online.
The card number is the account number that identifies the customer’s account. The credit card company will use the expiration date to validate the customer’s identity when they make a purchase.
The security code is used to verify that the person using the card really has it in their possession. It allows a person to buy any goods and services and holder of card promise to pay for these items.
Why A Credit Card Is Important?
These cards are not actually debit card cards. A debit card requires the balance to be paid in full on every occasion.
In contrast, credit cards allow consumers to borrow money from the issuer up to certain limits in order to finance purchases.
Some cards are linked to rewards programs that give points for every dollar spent on them and allow holders to redeem points for various prizes, such as air travel or electronics.
Can a credit Card be used to transfer money?
Yes, You can transfer money by using a credit card. But there is a catch in this. The Bank won’t allow you to directly transfer money, the bank will charge for this service.
First of all, you need to add money to your wallet like Paytm, phone pay, amazon pay, etc. These wallets charge a commission that varies from 1 percent to 2 percent. For example, if you want to add 10,000 rupees, you need to pay 100 as a commission.
Credit Card QR Code
The acronym QR stands for “quick response” which is the original purpose of the code. The code was developed in 1994 by Denso Wave Incorporated to help speed up the process of tracking parts in manufacturing plants.
QR codes are 2-dimensional barcodes that can store information in a small space. They can be scanned by smartphones and some other devices to retrieve webpages, videos, audio files, and other types of digital content.
A credit card QR code is a digital code that can be scanned by any smartphone to make a payment.The use of credit card QR code is still limited, but it is expected to grow in the future.
In this type of payment a barcode is generated via credit card and by scanning this a person can make payment.
How credit card billing work
A billing cycle is the length of time it takes for a credit card company to receive payment from the customer and after that bank will charge the customer.
The time it takes for a company to receive payment from the customer is known as a credit card billing cycle. It can generally be in India 45 days from the last cycle. Suppose your billing cycle is 01 st of every month your credit card bill will be due on the 15th day of next month.