What’s In Your (Google) Wallet?
Oct 27, 2011 | ICED Blog 1 Comment »Ready to change the way you pay for things? Google things so and they want to be your new wallet.
With their new app, Google Wallet, they intend to replace your physical credit card versions with virtual ones that will work with payment systems using NFC (near field communication). MasterCard PayPass and a Google Prepaid Card are the only funding options at this time but the plan is to eventually include “many if not all” credit cards. So far, the Google Wallet merchants include Macy’s, Bloomingdales, Foot Locker, Toys ‘R Us, Champs, Jamba Juice, Office Max, The Container Store, Guess and American Eagle Outfitters. The app is Android-only for now (but can the iPhone version be far off?).
Google says “Google Wallet has been designed for an open commerce ecosystem. It will eventually hold many if not all of the cards you keep in your leather wallet today. And because Google Wallet is a mobile app, it will be able to do more than a regular wallet ever could, like storing thousands of payment cards and Google Offers but without the bulk. Eventually your loyalty cards, gift cards, receipts, boarding passes, tickets, even your keys will be seamlessly synced to your Google Wallet. And every offer and loyalty point will be redeemed automatically with a single tap via NFC.”
So, is this the “future of commerce”? Are you ready to trust your phone with your credit card numbers?
Check out the Google Wallet in action:
G-Wallet is great, but it’s really a closed system for now since GW only works on Sprint and only on Sprint’s version of the Nexus S 4G phone. If you are not on Sprint, or do not have the NS phone, then you can not use GW. Essentially, this GW release is just a beta release still before Google really opens GW onto other partner networks and phones.
In the meantime, other companies are pushing the NFC mobile wallet, such as by moneto. Moneto’s mobile wallet works with more phones and networks since users get the NFC function from a swappable NFC microSD card.