Hi Stefan, whilst i agree with your point from a revenue perspective, I think integrating virtual card to google pay is a significant step towards becoming a digital wallet. Without the convenience of massive adoption of instore payment method, it wont be a true digital payment leader and digital wallet. Neobank is the same.
Alipay charges very little of merchant fee (less than 1%) and its massive market adoption (land grabbing) is because of this easy to use instore feature, which made it to be one of the dominant payment method in the Chinese market.
Alipay has the customer numbers before having more products/features available to them to make money. Merchant fee is not the only source of income.
Google pay, page-22
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