Google Introduces The Google Wallet

Google Introduces The Google Wallet

The days of carrying around big bulky wallets may soon come to an end. Google today announced their new Google Wallet service.

The mobile payment system uses Near Field Communication (NFC) technology, the same technology found in many swipe and pay credit cards. Google’s vision of the Google Wallet is to let you swipe and pay using any credit card from any Android device.

At launch, Google Wallet will only support Citi Mastercard and Google prepaid cards on the Nexus S 4G phone.  Over time they will open the service to more phones and credit cards.

Over time, Google is hoping to open the Google Wallet to services other than payment.  For example, it could be used to hold and process boarding passes, loyalty cards and event tickets.

Google Wallet has been designed for an open commerce ecosystem. It will eventually hold many if not all of the cards you keep in your leather wallet today. And because Google Wallet is a mobile app, it will be able to do more than a regular wallet ever could, like storing thousands of payment cards and Google Offers but without the bulk. Eventually your loyalty cards, gift cards, receipts, boarding passes, tickets, even your keys will be seamlessly synced to your Google Wallet. And every offer and loyalty point will be redeemed automatically with a single tap via NFC.

I hope the service will eventually support drivers licenses, passports and ATM cards, then there will be no more need to carry around a wallet!

No official launch date was announced. Google states that they are “working as quickly as possible to work with partners to bring more products and services that connect to Google Wallet to market”.

It seems like a lot of merchants are really excited about this service!

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