A simple tap on your phone, and you will be able to send payments from your virtual credit cards; you will also be able to store gift cards, loyalty cards and coupons in your phone. "Our intention is that Google Wallet will be an open mobile wallet holding all the cards and coupons you keep in your leather wallet today." says Google.
So How Does It Work?
A technology called NFC: Near Field Communications makes it all work, it has been around for a while now but Google is the first one to use this technology with smartphones. A wireless technology that enables wireless devices exchange information when placed close to each other.
Either both the devices should be NFC enabled, or one can also use smart tags in form of stickers. Although currently, Google Wallet is compatible with Nexus S 4G only, but you can always attach a NFC sticker to your phone to make it work.
Payment
Currently Google Wallet supports Citi MasterCard, Google Prepaid Card and Gift Cards only; Google promises to partner with more financial partners so that you can get rid of all those plastic cards in your wallet. So for now, you will be able to use Google Wallet with all those merchants who accept MasterCard PayPass, and Google claims have thousands of merchants under this umbrella already. (For example: Macy's, Subway, Bloomingdales, Guess, Noah's, RadioShack, Peet's Coffee & Tea etc.)
"Google Wallet is built to work with the fast growing MasterCard PayPass Network - a merchant point of sale service that enables consumers to tap to pay. As a result, Google Wallet will immediately be accepted at more than 124,000 PayPass-enabled merchants nationally and more than 311,000 globally."
It is the open commerce ecosystem that that will integrate several partners with Google Wallet, eventually leading to decrease in the number of plastic cards in your wallet, with the hope that more and more financial companies and other services will join this bandwagon.
"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 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 Waller. And every offer and loyalty point will be redeemed automatically with a single tap via NFC."
FYI
PayPal and eBay have filed a lawsuit against Google for stealing their trade secrets. Osama Bedier, former VP of Platform, Mobile and New Ventures with PayPal, and Stephanie Tilenius, former senior VP with eBay, (who also worked with PayPal as VP of eCommerce) were hired by Google recently for more or less similar job profile.
Now, Google and PayPal were working on a deal for past three years, where PayPal was to handle payments for Google's Android platform checkout system. But allegedly, Google abruptly ended talks with PayPal and hired two of their employees who had in-depth knowledge of plans, strategies and market intelligence for mobile payments and related technologies.
"At the very point when the companies were negotiating and finalizing the Android-PayPal deal, Bedier was interviewing for a job at Google - without informing PayPal of this conflicting position." claims the lawsuit.
Here's what PayPal's senior Director says in a blog post:
"We spend a lot of time and energy creating the things that make PayPal unique and a preferred way to pay for almost 100 million people around the world. We treat PayPal's 'secrets' seriously, and take it personally when someone else doesn't."
Nevertheless, if you still interested in engaging with this latest trend of hassleless and convenient technology for your business, then you can check out Google Offers which will help you connect with your customers in your area.
If you wish to be instantly notified about Google Wallet's availability, then visit this link and give in your details. And, do share your views and opinions on this upcoming technology with us in the comment section below.
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If I'm shopping in person, I will always pay cash. It saves the vendors their transaction fees (which they like) and I don't risk racking up interest charges on my credit card, or losing track of my balance in my account (debit).
Cash is king. It always will be. I'm frankly surprised to see so very few retailers marking up their product and then giving a cash discount.
Thanks a lot for nice blogging which makes me more update.
You are most welcome. Let us know if there is any specific topic that you would like to read/learn about. :)
If I'm shopping in person, I will always pay cash. It saves the vendors their transaction fees (which they like) and I don't risk racking up interest charges on my credit card, or losing track of my balance in my account (debit).
Cash is king. It always will be. I'm frankly surprised to see so very few retailers marking up their product and then giving a cash discount.
Thanks a lot for nice blogging which makes me more update.