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Kiss Your Wallet Goodbye. Just Don’t Lose Your Grip on Your Phone.

Google Wallet is rolling out. Applause, applause…what’s that?

Google Wallet is the partnership Google has with Citibank, MasterCard, FirstData, and Sprint to bring you the Google Wallet application for quick and easy payments.

Because Google Wallet is a mobile app, it will do more than a regular wallet ever could. You’ll be able to store your credit cards, offers, loyalty cards and gift cards, but without the bulk. When you tap to pay, your phone will also automatically redeem offers and earn loyalty points for you. Someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.

Time will tell if this is yet another failed payment replacement model like others have been. But it does give a clear indication that new contactless payment methods will be making themselves available as time moves forward.

These swipe or contactless payment methods are eagerly wanted by merchants. Studies show that consumers spend more when the transaction takes less time. It must be due to that fleeting moment as you stand at the checkout counter and contemplate if you really need that impulse purchase, Nah, I’ll put it back.

See the video below and listen to merchants say that.

Google Wallet claims that by placing your compatible phone near a card reader, like you are supposed to do with your contactless Visa or MasterCard, you’ll be able to pay for transactions. The Nexus S 4G will support Google Wallet from day one.

I think the video below will help to explain how it works better than I can.


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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Anonymous

    Two things….

    1. I’ve been waiting for this! All of the financial buzz at SXSW 2011 was mobile banking and where the future of payments are headed. This is it. I wouldn’t be surprised if PayPal launched their mobile pay system soon (in the next year or so).

    2. Is it just me or when they referred to the “consumer” in the Google Wallet explanation video did they use the words “she” and “her” a lot? I don’t think I heard a single “he” in there. Hmmm.

    • Steve Rhode

      Yep. I was cringing every time “she” said that.

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