Google Wallet: The future of payment is coming

I knew this day is coming when Google announced Nexus S with a NFC chip. But I’m still very excited when I read about Google Wallet.

In short, Google Wallet is a mobile app that replaces all the credit cards, coupons and eventually, loyalty and gift cards in your wallet. You can currently pay using Google Wallet anywhere in US where MasterCard PayPass is accepted. Google Wallet is currently available on Nexus S 4G and can only be tied to your Citi Mastercard or Google Prepaid Card for now. But Google will be supporting more phones and adding more Banks and Credit Cards in the near future. I can’t wait for Google Wallet to make its way to Singapore.
There might be people who say that it’s risky to make payment using your mobile phone. But actually it is much safer than using a Credit Card. You are required to key a pin number on your phone when making payment using Google Wallet. It is not possible to “steal your money wirelessly” because the Nexus S 4G contains a Secure Element chip that only authorized programs like Google Wallet, can access. And if you ever lose your phone, just contact the Credit Card company that you use for Google Wallet. For me, I would remote lock my phone first before calling the credit card companies.
Honestly, I can’t wait for Google Wallet to be accepted worldwide. Imagine leaving the house with just your Mobile Phone.

And there’s a lot of things that can be extended to Google Wallet. Imagine having your entire month’s expenditure stored in the cloud. No more receipts. Everything is stored digitally. Companies can send you specialized loyalty e-coupon which you can tie to your Google Wallet. This way, you will never forget to bring that coupon to redeem your discount. And imagine what developers can do if Google release API for Google Wallet. Maybe you can Facebook/Twitter/Google Plus the things you just purchased at the store.
And knowing Google, the Google wallet will most likely be cross platform and available on any smartphone as long as there is NFC. Which means we might see Google Wallet on BlackBerry. iPhone and Windows Phone 7 might get it too when they release NFC version phone.
Google Wallet is still at its infancy stage. There’s a lot of potential in it. But if everything goes right, this might become the Credit Card or Dollar Bill of the future.

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