This week Google caused quite a stir in the news announcing its new long-waited product: Google Wallet, powered by a nearly Sci-Fi technology - Near Field Communications. What it promisses to do is allow you use your mobile phone as a payment tool offline.
At this point already numerous companies are tempted to participate in what's expected to become a huge market which might lead the brands towards a multi-million revenue nest.
Quite curious to see Google's Vision behind the new product:
"In the past few thousand years, the way we pay has changed just three times—from coins, to paper money, to plastic cards. Now we’re on the brink of the next big shift."
Let's see How it's actually supposed to Work:
•Empowering Mobile Phones: Google Wallet will work with the Android Nexus S (via Sprint in the US) — and, through a NFC-enabled sticker, on potentially all smartphones (more on that below).
•Payment Cards: The program will work with Citi MasterCard, a pre-loaded Google Prepaid Card (which can be “refilled” from any source of funds) and gift cards from various participating merchants. Google wants all payment, gift and loyalty cards to work with the system
•Coverage: The first geo-covered 'beneficiaries' made public to date will be San Francisco and New York areas;
•Participating merchants: The first and fairly diverse group of merchants announced include American Eagle Outfitters, Bloomingdale’s, Champs Sports, The Container Store, Duane Reade, Einstein Bros. Bagels, Foot Locker, Guess, Jamba Juice, Macy’s, Noah’s Bagels, Peet’s Coffee & Tea, RadioShack, Subway, Toys“R”Us and Walgreens. However because Google Wallet relies on the MasterCard PayPass infrastructure it will work “at more than 124,000 PayPass-enabled merchants nationally and more than 311,000 globally.” (Google has an interactive map to find PayPass merchants:
•What Google Offers are linked to Wallet: The news is that Google Offers are directly integrated into Google Wallet! Consumers will be able to send offers they encounter to Wallet with a single click (if you’re signed in). Redemption will be accomplished with a “SingleTap” at the point of sale or via scanning or keying in a code if the POS system doesn’t support SingleTap.
•In the nearest future: Google envisions that “receipts, boarding passes and tickets will all be seamlessly synced to your Google Wallet.”
Quite exciting..
Always positive,
Yours, @Digilunch
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7 comments:
Nice Post.. I like thi..s
Quite exciting and scary at the same time - Its getting too easy to spend money! (but still very innovative and convenient) - Hopefully there will a strong security system in place to cut off stolen mobiles from being used
I like this technology for the simple fact that it is simple. Tap to pay systems are well proven, and adding the NFC tech to a phone makes a lot of sense. Even better when it starts to be extended to other applications such as boarding passes. The current barcode on the screen approach just doesn't work well.
Very cool!
Phil
http://www.consected.com
Very cool. Hope we can keep up with mobile webstes!
http://eservicesspecialist.net
Very good and comparative information about mobile world.
Great news to all marketers but there is a disadvantage for sure.Hope it will not affect our business.
Appreciating the dedication you put into your blog and detailed information you provide.
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