Oct 11, 2011

Is Google Wallet the Next Step in Mobile Payments?
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Written by : Tom George| 0 | Mobile

Via Scoop.itinternetbillboards

This piece was written by Jonathan Blum – jonathanblum.com for Entrepreneur Magazine.   Curated by JanLGordon covering  “The Explosion of Mobile & Beyond”   When it comes to reinventing the way people pay for goods and services, Google is ahead of the pack with its Google WalletAndroid application, available on the Sprint Nexus S 4G phone.

It allows users to transfer money directly to merchants using a smartphone app that runs on devices that are enabled to accept “contact less” payments. While other, similar systems — such as Exxon and Mobil’s Speedpass program — exist, Google Wallet is the first major deployment of the technology with wider retail functionality.   And although the service is still largely in the roll-out phase, and it isn’t perfect, it does offer some tantalizing possibilities for businesses considering the future of mobile commerce.

What is it: Google Wallet lets consumers to pay for goods and services by using virtual credit card information stored on a smartphone that communicates wirelessly with a nearby payment terminal.   The transaction works by tapping a smartphone against a special reader — for now, MasterCard PayPass — that merchants install at their point-of-sale terminals.   Google Wallet doesn’t change the relationship between small businesses and their financial institutions any more than an old-fashioned leather wallet. It’s just an intermediary.
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Tom George

Founder and CEO of Internet Billboards. A futurist and serial entrepreneur, as well as a professional fitness trainer, martial artist, and business strategist. Helped to develop inbound advertising. An avid content curator who enjoys finding those digital gems out there in cyberspace and sharing them with others.
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Tom George

Founder and CEO of Internet Billboards. A futurist and serial entrepreneur, as well as a professional fitness trainer, martial artist, and business strategist. Helped to develop inbound advertising. An avid content curator who enjoys finding those digital gems out there in cyberspace and sharing them with others.

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