Google: Fighting For Our Wallets?
Is Google fighting for our wallets? Well, in terms of business and technology they do with their new consumer-targeted and business-centered platform Google Wallet innovation.
Google recently unveiled Google Wallet and field trials for it would begin immediately. Google Wallet is a mobile app that stores your credit cards, loyalty, offers and gift card which will work with Android-powered phones like Google's Nexus S equipped with NFC chips. Mastercard Corporation has been the official partner on the credit card side of things so far. Google partners on the mobile payment platform include major chains such as Macy's, Subway Foods, and American Eagle Clothing Stores.
As part of Google's pitch, other retail giants like CitiBank, Sprint and First Data have invested on Google's technology. Businesses can take advantage of this technology to encourage discounts, promotions and loyalty awards to their customers.
When Google wallet debuts, Google itself is likely to face with many challenges in the market as it tries to convince consumers to ditch their real wallets for ones that store credit cards and other information on their smartphones. However, Google profess that its digital wallet technology will be open, which means it will work with any credit card. Google also see big opportunity in leveraging its digital wallet to promote location-based advertising through offers programs.
Currently, Paypal has been working on its new mobile payment technology which will rival Google's Mobile Wallet.
To note, Google is the first search company to go into the future where smartphone could be used as a credit card.