What if you forget carrying your credit cards and have an urgent transaction to do in a bank? Or say, you are in a retail store for shopping and suddenly discovered out of cash or credit card. So embarrassing it is. You never want to see you in such crunches. Isn’t it?
Well, no more worries! Now Android holders will be able to make payments through their smart phones. And it is all done by Google. Remember, Google likes you more than you can think of. Teaming with MasterCard, Citigroup and Sprint, Google is going to launch a new phone-based mobile payment system.
Yes, Google Wallet – Your personal ATM (All Time Money) in your pocket – is what we are talking about.
What is Google Wallet?
It is Google’s new payment system where special chips are embedded in Android devices to make payments online. No need to swipe out your credit card at shopping place or bank. Now customers can just wave their Android phone in front of a reader and make a payment. It is that easy. Moreover, Android users will be able to manage their transactions via an application on their phones.
Stephanie Tilenius, Google’s vice president of commerce unveiled this Google Wallet project last week. He forecasts this as a promising e-commerce era where online and off-line blend together.
Is this concept new?
No. Card-less payment system is already there for Citibank customers. They can use their mobile phones as digital wallets by linking their phones to credit card or debit card.
Google opened it for all:
But, the facility is not for all. However, Google is doing something great. They developed an open platform which can be used on any device any card. As of now this payment system is available with Sprint’s Nexus S phone. But Google needs NFC (Near-Field Communication) chips embedded on Android devices that can commensurate with the latest version of OS.
It indicates that more and more new Androids are going to be on sale this year and they all can use Google’s new Payment system – Google Wallet. It is likely to launch in San Francisco and New York this summer. Google said it will work at 1, 20,000 retailers in US and 3, 00,000 globally.
What about competition?
Yes, Twitter co-founder Jack Dorsey’s started an iPad app called “Square” that replaces cash registers and allows customers pay with their Android or IOS devices just by using names. No NFC or hardware is involved. This week 5, 00,000 square card readers have been shipped. The company is currently processing $3 million in mobile payments a day.
It means competition is there and Google has to take this project to larger communities.
Google is optimistic so you are:
Google believes NFC is the best way and will change the way people use to make payments. Users can add multiple cards, reward cards, coupons into their phones. They can also click on online ads and get offers. Effectively, users can put everything into their phones that is in their wallet. There is a security PIN system too. So even if the phone is stolen, your accounts are safe.
So, once you are at store, just tap your smartphone onto a reader, pay and save. Google Wallet is at your service.