Google officially launched its long awaited Google Wallet mobile payments system this week. This free app allows users to make payments from their debit, credit, store loyalty, and gift cards by simply tapping their phone on any compatible terminal.
Google Wallet will allow shoppers and merchants to securely store payment information, including credit cards, debit cards, and loyalty cards, into a virtual “digital wallet” that can be accessed through the Google Wallet app. Shoppers will be able to use the app to make payments by simply tapping their device on a merchant’s designated point-of-sale terminal and will also be able to add new payment options easily, such as store credit cards, prepaid cards and gift cards.
With Google Wallet, shoppers will no longer need to carry multiple cards to purchase items. They will also be able to receive promotional coupons and offers, and special loyalty rewards, without having to worry about paper or plastic cards. Google will also be able to gain valuable data on the purchasing habits of its users, allowing it to further tailor and customize its services.
Google Wallet is currently available for Android users, with plans to expand to iOS soon. It is compatible with most major credit/debit cards, including Visa, MasterCard, and Discover cards.
The introduction of Google Wallet represents a significant milestone in the growing field of mobile payments. As more and more consumers become comfortable with making transactions through their smartphones, it is likely that Google Wallet, and other similar projects, will become more popular in the near future. Moving forward, it will be interesting to see how Google, and other leading technology companies, continue to innovate in the area of digital payments.