It looks like Google may soon change the way we make payments with cards, notwithstanding that some people have expressed reservation about the method and technology involved. Retailers outside metropolitan districts are known to be averse to the idea of mobile payments is well-known and to circumvent that, Google has come up with a novel idea called Google Wallet. Retailers, especially those who already have an NFC (Near Field Communication) arrangement are less likely to favor such a system. It has come to notice that Google is likely to introduce a physical card which will substitute all the cards you have.
Google Wallet can be a very convenient way for making transactions, considering the fact that you don’t have to carry all your credit and debit cards with you once you have tied up with Google Wallet. Some feel, the alternate solution for mobile payment may appear to be crude, but the fact remains that the card will work wherever it is accepted. A screen shot of Android Police shows that, according to an unnamed person. What’s more, it works even if the retailer does not have Google Wallet’s tap-to-pay technology in use.
One of the major advantages of Google Wallet besides the convenience of carrying one card in place of many others is that, should you lose your card, or the card gets stolen you can simply cancel the card and get another account with a card replacement. This means, users will no longer have to get all their credit cards replaced, because Google Wallet makes them unnecessary to carry in person. Another great advantage for users is they can transfer money to Wallet Balance or even transfer balance to another Wallet Balance, including cash balances.
The most likely competitor could possibly be Isis who in association with T-Mobile and AT&T rolled out mobile payment in Austin and Salt Lake City on a trial basis. That again may be the reason why you will not find the Google Wallet App in their phones but only on Sprint. In all probability, Google may offer its app in its Play Store, some sources have to say. That will give an opportunity for users to switch from Isis to Google Wallet quickly. It is not clear against whom Google is training its guns. But Google Wallet’s success can mean the demise of carriers’ foray into the card business.
What is there in Google Wallet is not difficult to see. They will continue to live on their usual strong point – Data. One of the ways that Google can possibly make use of Wallet is to solicit mobile advertisements on a massive scale. And exactly that is where they don’t have enough competition as of now. It will also give them great leverage over credit card companies, some believe. Not to be left behind, NFC seems to be making some headway too, with banks not willing to put too much trust on Google. Another factor that can have some impact on the card-less payment arena is the rumor that Apple may follow in the footsteps of Google and join hands with NFC in an outright effort to break the perceived monopoly of Google Wallet.
This is a guest post by Teyona Dame.