Sunday, July 3, 2011

Google Wallet

I'm sure by now everyone has heard about google wallet; the newest idea to come from the gurus at Mountainview. The process involves using NFC chips to do the transactions. I think this is a fantastic idea: no more lugging around credit cards, it's all in your phone. There are lots of places that will be already setup with Google Wallet, if there's a Fastpay option then Wallet is already there.

There are a few companies on board with this already but I think Google will need to stretch their power a little bit farther, and into a agreement with American Express. With them on board, Wallet could be implemented into a place like Costco; there are millions to be made from the transactions from the both of them on an hourly basis.

Another place Wallet might see major success is in small business. They might not be able to afford a full fledged credit card reader and pay all the fees associated with it; with Wallet in place, all it needs is a tap terminal and a computer with an Internet connection and presto! The small business has a credit card reading system backed by some of the biggest names in the business.

There are lots of things that Wallet could do in the future: everything from holding drivers' licenses to coupons. Even everyday ordinary things like making a reservation at a restaurant; just tap the terminal and you will be booked for a table, when hour phone goes off, your table's ready. Or even Passports, drive up to the border patrol and tap your phone to the machine, then show them your picture from the phone to verify.

There are so many things that we can do with NFC that Google Wallet is literally scratching the surface of what the technology is capable of. Personally, I'm very excited to see how far NFC will progress with different ideas in all points of life.

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