Google officially launched its mobile payment system Google Wallet yesterday, and it could very well change how we pay for merchandise and services. For now, the Google Wallet is only set up for Sprint Nexus S 4G phone users, but no doubt it will spread to other smartphone devices very soon.
Essentially, Google Wallet allows users to make digital payments with their Citi Mastercard or a Google Prepaid Card on their Sprint Nexus smartphone. In the long run, Google Wallet may prove to be a huge time saver for consumers when they simply have to launch a digital credit card and tap their phone on a machine to complete a payment transaction. Google Wallet could very well replace the physical wallet we carry in our pockets and purses, especially since a smartphone can hold pretty any type of content we may need.
The Google Wallet system also includes – in addition to credit cards – loyalty cards, coupon offers, and payment history. Google says that the system will eventually include boarding passes, tickets, and other related items. As for now Google Wallet works with what are called SingleTap merchants, such as OfficeMax, Jamha Juice, CVS/Pharmacy, Macy’s, Walgreens, and Subway.
When you see what is called a PayPass symbol at a checkout, you simply tap your phone on the PayPass reader. In turn, your phone sends the payments, and in some cases you receive loyalty information from supporting merchants.
As the Google Wallet system spreads, it means that consumers will have to carry around less and less cash in their pockets. And that’s a good thing. Don’t you agree?
Source: Google Blog
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However, on the downside, if someone ‘unsavoury’ manages to get hold of your phone, they can pretty much buy whatever they want with your money, unless there is an easy way to cancel it?
Not really, most everyone has at least a simple lock on their phone, and by the time it’s cracked, whoever lost their phone could just call in and luck it remotely
Just like with a regular wallet, you want to have your credit information available outside the phone so that it can be canceled in cases of theft. It would interesting to see if Google has some measures put into place for these cases. I’ll look into that.
I think there would be a better solution – to make a single card programmable with a phone. It’d include an identity card, credit card and all other cards BUT losing it won’t hurt as much as losing phone with credit card and other things (you couldn’t even call to the bank to block it).
Hmmm, interesting idea. But then there’s that competition factor between say Google, Apple, and others for who gets to be in charge of that single card. But seriously, it’s a good idea.
My credit card is not only easier to carry and use but it is much cheaper than a Sprint Nexus S 4G phone
but hopefully soon it will be available to ALL phones. This is just a test run probably to see how it works out.
I think the system is going to become more ubiquitous because it streamlines the process of making transactions, with less need for physical cards and paper receipts. Not everyone should be forced to use the system of course, but for those of us who find it more convenient, it’s a great option to have.
Does Google Wallet work in India too? Also, will other phones like Samsung Galaxy Ace be supported? Thanks…