Google recently announced their new service named Google Wallet. With the news Google has already caught a lot of attention and we suppose that Google Wallet would definitely have a very big impact on future payment system. With the help of Google Wallet one can easily and quickly transfer money. Let’s check in detail, what is Google Wallet.
Google Wallet: Brief History
Concept of money has gone through a major evolution. The first remarkable change was the introduction of standardized currency which came after barter method. Then came the concept of cheques which were far convenient than carrying lots of money. But then time wasted in cheque clearance was a real problem. Then the concept of plastic money was introduced with the advent of digital advancement. In this debit and credit card gained attention. And finally, now Google has something on its mind. According to them there is a better way for money transfer.
Google Wallet: The Concept
In simple words, Google Wallet is formed by a combination of 3 things. These 3 things are:
- Google Wallet App: At the moment it’s an Android app so you would need an Android handset to use it. If Google wants then can make the app available for different platforms.
- A mobile phone with Near Field Communication technology (Read more about NFC): NFC compatible mobiles devices are slowly entering the market. So even if you don’t have a mobile phone that is not Near Field Communicator ready; still you would be able to use Google Wallet. This would be possible with the help of Google stickers which would add NFC capability to almost any mobile handset.
- A store accepting payments with Google Wallet: Stores would also need NFC to accept the payments. Obviously NFC presence would increase at stores with the increasing popularity of Google Wallet.
Google Wallet: Benefits
Google Wallet has got huge potential. Its benefits would extend not only for retailers but for consumers also. Like we said earlier, Google Wallet would help customers to pay easily anywhere and retailers to accept payments then and there without waiting for it. For this, retailers could easily make coupons rights inside the Google Wallet app where you could search for coupons of your choice and save them in your wallet. While paying for the item, the coupon will be used automatically.
So at the moment, these are the basic details which you must know before using this Android App.