Google is stepping up and is planning to move the mobile industry as well. They want to be everywhere and on everything, and they won’t stop till the whole world is Googlified. On May 26, yesterday, Google announced it’s game changing mobile payment system that it was been working on from quite a long time. Google Wallet, the mobile payment system that one can use to make payments via NFC at many shopping outlets and Google Wallet verified stores.
Google Wallet is going to change the way we pay, that is something that will surely happen. Everything is going to go electronic, and mobile payments is going to be the Credit cards and debit cards of the future. There will come a time when everything, from Bus fares to Hotel check-ins will be available on the mobile phone, just a single tap and no more swiping. Below are few things that you should know about the Google Wallet system, how it works, where it’s available and why this is huge.
How Google Wallet Works
Remember the Google Nexus S that was the first mobile phone to have the NFC chip incorporated, for mobile payments. Google revealed back then that they will also be announcing a mobile payment platform wherein it is all integrated with the NFC way of payment. Many companies have been working on this, but looks like Google got it’s NFC ship sailing.
Google Wallet is an app for your mobile and uses the NFC chip on your phone to pay for services and goods via your Citi Credit Card, Google Prepaid Card or Google credits. Instead of swiping your Credit card, you’ll now tap your mobile device to get the job done. Also you can link any of your Credit card to the Google Prepaid Card and use that as well. From the Google Blog;
Because Google Wallet is a mobile app, it will do more than a regular wallet ever could. You’ll be able to store your credit cards, offers, loyalty cards and gift cards, but without the bulk. When you tap to pay, your phone will also automatically redeem offers and earn loyalty points for you. Someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.
Where Google Wallet Works
Google Wallet payment system works at all those places that are NFC capable and provide MasterCard PayPass. At present you’ll not find these anywhere in India or to be honest at many places around the world, because it’s just the beginning. Many companies have yet to start using this new service, and they will at least take about an year or even more.
If you’re living in the United States and come across one of the symbols above when you shop, then that means that the Google Wallet Payment is available at your disposal. Google will also link your Google Wallet with Offers so that you can make the best of any offers by just showing the Barcode or by using the App at any of the SingleTap Merchants. You can find the complete list of Merchants who are now using the Google Wallet Payment system over here.
Why Google Wallet?
Well, first of all it’s easier to carry just one item than to carry your Credit cards, Wallet, phone etc. Also, as I said before, Google wants to be an all rounder and be available for every aspect of the human life. Google Wallet will definitely change how we shop, will make paying for items faster and probably safer, if someone doesn’t steal your phone. At present Google Nexus S 4G is the only phone that has Google Wallet app pre-installed and gradually the app will be rolled out as the service expands to other parts of the world. Watch the complete video for the launch of Google Wallet after the break.
There’s going to be a lot of competition, now that Google is the first one to launch a proper mobile payment system that actually might pay. Although Paypal on the other hand isn’t happy, and have already gone ahead and sued Google saying that two of their team were working with Google and that they stole ideas from Paypal.
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