Google Wallet: Changing The Way Consumers Spend?
Just last week Google launched it's mobile payments technology – Google wallet. An Android app that has the to ultimately replace credit cards with phones that contain a chip which has Near Field Communications (NFC) technology. Allowing mobile phones to be placed against readers at cash tills in shops to make payments. Making your phone your wallet.
As explained by Google, Google Wallet will eventually incorporate your loyalty cards, receipts, gift cards, boarding passes enabling your phone to do more than your wallet ever could. Currently the option is only available to the Nexus S 4G that is only available in the US, with plans on introducing Google Wallet to Europe in 2012.
With current companies such as Foot Locker and Toys 'R' us are just a few that are already offering the SingleTap and Tap and Pay service. With Subway, Macy's and many others coming soon.
Currently the only method of paying is by using your Citi MasterCard and the Google Prepaid card,, that can be topped up with any current credit card. It is the hoped for the future that American Express, Visa and the others are to be added in the future.
A major question that all potential users will be asking is what will happen if I lose my phone? And what options exist to help prevent any sensitive information and data getting into the wrong hands? Well, currently if the phone is lost or stolen the owner can contact the call centre and the wallet function will be immediately turned off. But many will still remain sceptical and with reason.
The benefit to consumers beside being able to store all cards and coupons is that the potential to reduce time spent paying for products and spending times in queue's is considered as a great benefit. It will also help reduce spending. With credit cards it's easy to use shop after shop and not feel any impact or see the damage it can cause to you balance, but by using applications that use NFC can help set limits and block any potential purchases. Making it much easier to limit your spending.
With so many advances in mobile technology it is difficult to imagine what the future will hold. With camera's demonstrating up to 8 megapixel cameras, 4G and 3D capabilities with the combination of cheap calls to Pakistan and Australia and anywhere in the world it's almost impossible to imagine a world without smartphones would be like. But what we do know is that mobile wallets will be commonplace if all the big players commit and help develop the technology, by increasing it's reach and by improving on it's current security features to help educate the population on the risks and benefits that Google Wallet and NFC technology can bring to everyone's lives.
Questions and Answers
Google is all set to launch Google Wallet Application for smart phones this summer. It is an NFC based wallet mobile payment service. Google has promised that consumers will be able to place everything in this Wallet.
NFC technology of making mobile payments has excited the smartphone companies as well as consumers, as both are going to be benefitted in some manner of security and costs.
Sightline Payments, the payment solution company dubbed as one of the gaming industry's "hottest start-ups" is currently in the final stages of development of its mobile payment solutions that are right on track with an industry first approach to make mobile payments easier and more secure.
Recently, Google announced its based on NFC technology e-purse product Google Wallet, which is a major application of its just established NFC strategy.
In a phase to generate the charge card obsolete, Google Inc. has enlisted Visa to push cellular repayments with the "Google Wallet" undertaking enabling Visa account-holders to spend for purchases with their smartphones.
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If you think I am talking about putting up an online business, then shrug it off. Although an online business can be profitable, I will spare you the rigors and strain of devising a business plan, management strategy or other what-nots of business administration. What I really want to say is that through the World Wide Web, you can get easy cash in an easy way.
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