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.”