Nothing seems to be stopping Google these days, what with now enabling people to use their phone as a wallet. This new gadget, also known as Google Wallet, allows mobile phone owners to store plastic card information as virtual data. All of this can be done with one single tap on the screen to activate payment methods with a near field communication (NFC).
What Google had in mind when designing the Google Wallet was to develop an “open commerce ecosystem,” in which mobile phone users could store all of their card information while simultaneously keeping a record of payments, loyalty cards, receipts, tickets, boarding passes and believe it or not, even your keys. The advantage? No more bulky contraption full to bursting out of your pant pocket.
Google Wallet allows users to use Citi®, MasterCard® and Google’s own Prepaid Card, allowing individuals to tap into hundreds of thousands of merchants. But wait – it gets even better. At its launch date, Google technology permits compatibility with Nexus S 4G (to all Sprint users), and will expand to more phones in the future.
So what does this mean for the future of commerce? One aspect that may change is how business transactions will be made faster (and perhaps easier) than usual. As we continue to propel forward into a more socially enhanced society with advancements in technology, people are feeling more confident and less intimidated about doing business on the Internet. Business may not only be quicker and easier), but more inviting with the open commerce system.
One risk is fraud, which has always been ever-present and a factor in deterring people (especially older people) from using the Internet to carry out personal financial information. Although Google has always strived to make things more simple and easy-to-use than its competitors (not to mention topping the list for being innovative), Google Wallet is yet another application for users to properly understand and navigate. Such skills are required before, say, accidentally sending credit card information to a stranger!
As Google attempts to make its Google Wallet “the one thing that holds everything you need to carry,” the mass conglomerate continues to push the envelope with new technological innovations, whether is being the number one search engine or replacing your wallet with your phone (how do they do it!?).