I find it pretty annoying to carry my wallet everywhere, even the credit cards available in abundance. Sounds and looks so old school but Google is coming to resolve that. Google Wallet was recently announced and comes with a promise to rid you of your traditional wallet. I mean why carry one when you can have everything on your mobile?
Users will be able to store all their necessary credit information on their smartphones via an app for the iPhone, Android Devices and Windows Phone 7 smartphones. The service comes in partnership with Spring, Citi, MasterCard and First Data, with New York being the first city to experience it.
The payments using the application will be made with the PayPal enabled Citi MasterCard or the Google Prepaid card and will be utilizing the Near Field Communication, NFC for transaction and payment purposes. All that is needed is an NFC enabled point of sale. While they starting off operations from New York, the service will be global. This would include over 124,000 PayPass enabled merchants in the US alone, rising to over 300,000 global merchants.
What I am more concerned about is the Security. Given that there is a massive issue with of information theft using these networks and service; Sony being the latest victim, I wonder how may of the people out there will actually trust it? I wont having my coupons, gift cards or even the credit card information on my mobile device but only if I am guaranteed fool proof security. While that doesn’t really exist, I wouldn’t be jumping into the bandwagon in haste.
Lets keep the skepticism aside and see the evolution of mobile payments in the video below: