Smartphones have already eliminated the need to pack mp3 players, phone books, and game systems into our promotional bags each day. Now Google has created an application that works with thousands of PayPass merchants and makes the wallet unnecessary. The campaign for the new mobile payment system, dubbed 'Google Wallet,' features the slogan, "Make your phone your wallet."
According to Mashable, "Right now, Google Wallet only works with Citi-Mastercards and the Google Prepaid Card." However, Visa and Google recently announced a partnership that will support Visa's payWave app, which "sets the stage for financial institutions to allow account holders to add their Visa credit, debit or prepaid accounts to Google Wallet." Google Wallet will allow consumers to make their payments at retail shops with just a wave of their smartphones at the payment terminal.
Google Wallet's supposed best feature is its SingleTap system, which combines coupons, loyalty cards, and payment in one. "Using the Google Offers app that can save coupons directly to Google Wallet for Android, you can make a payment with your default payment type, apply the coupon you have saved and also apply the purchase to your loyalty card for that store," reports Mashable. Through integrating all of these features, Google has created a seamless process that eradicates the need for several redeemable promotion cards.
What's next? Getting merchants and financial institutions on board with the new system. While Google designed Google Wallet as a platform for "everyone else to build on," competitors are also taking that route. I'm excited to see how it all unravels; as Mashable stated, "This is just the beginning of what is sure to be a major technology story within the next 18 months."