Saturday, 17 September 2011

Google Wallet - Is it The Future?

So Google has just announced after months of discussions it is to launch Google Wallet.

You may be asking yourself, so what is this new Google service, is it another Google offering that is destined for the scrap heap, and at this point the answer is who knows. But to give you an insight into Google Wallet, it takes the attempt by Google at capitalising on and taking payments to the next level.

Google Wallet is put simply a way to use all your existing credit or debit cards via your mobile phone, all you will need to do is once they are registered is use your mobile phone to makes payments. Thus meaning the only thing you will ever need to carry is your phone.

Now at first Google Wallet will only be available to use with a Citi MasterCard or the Google Prepaid Card, yes a very American and limited launch.

My advise to Google is that it would be better using a more standard approach such as VISA. Although MasterCard is accepted in almost as many places, it normally connect to the credit card and not debit card systems, and rather than starting out with a limited audience THINK BIG, hold off on the launch and hit all countries at the same time.

What is Google Wallet?

Ok so if you have every used 'contactless' payments by VISA you will know just how Google Wallet will operate, simply each time you wish to make a payment you get out your phone "not your wallet" and fire up the application and make the payment simply by putting your phone near the terminal. This will them be deducted from which ever payment method you have setup on your Google Wallet account.

Will it be Secure?

I personally think that Google Wallet will be just as secure as using your normal debit or credit cards and especially as, at the time of launch it will be linked to prepaid cards, this will limit the amount you may lose if you phone goes missing.

But I think in reality that you are just as likely to have your wallet stolen and misused as you are with using your phone to make payments. So its really no more or less secure than current methods.

Is Google Wallet the Future of Payments?

In my opinion I think the methodology is definately the way forward, after all we all use our phones for everything today from banking to keeping appointments, so it makes complete sense that this is the way forward. The only question I would have is to whether Google can pull it off. We have all heard of Google Checkout, which in the real world has failed to make the dent in the Paypal armour. So will Google Wallet fair any better, well that depends. Yes if Google make sure that it is a world wide launch and not solely a US launch.

But as for the methodology, using our phones for making everyday payments is the future, so lets hope that Google doesn't mess this up by being too limited. As myself I do not use an android mobile I use a Blackberry, so word to the wise make this available!!

To find out more about Google Wallet and to register your interest please go to http://www.google.co.uk/wallet/


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