Google in collaboration with Citi, MasterCard, First Data and Sprint today announced the Google Wallet with the simple aim of making it possible to tap, pay, save money and time using our phones. Also announced is the Google Offers product which will provide offers based on a user’s location and preferences.
Google wallet is an app which will turn your phone a virtual wallet.The app is currently in a field test and will be available this summer to all.
The announcement came at an event today. At the event, Google, Citi, MasterCard, First Data and Sprint invited additional issuing banks, payment networks, mobile carriers, handset manufacturers, point of sale systems companies and merchants to allow users to make mobile payments using Google Wallet. Google wants to ensures Nationwide acceptability of the Wallet.
Citi and MasterCard are taking a major responsibility in the initiative. Citi being the lead bank in Google Wallet, hopes of becoming the world’s digital bank, providing to customers the tools they need to manage their everyday finances with convenience and value. Retailers are also already lined up for the venture which currently includes Subway, Macy’s, Walgreens, and Toys ‘R Us.
Google Wallet will support payments with two payment solutions: a PayPass eligible Citi MasterCard and a virtual Google Prepaid card. Those who already have a PayPass eligible Citi MasterCard can simply add it to Google Wallet. Others can simply recharge their Google Prepaid card with any payment card.
Google Wallet uses near field communication (NFC) to make secure payments fast and convenient by simply tapping the phone on any PayPass-enabled terminal at checkout. Google Wallet will automatically apply discounts, loyalty rewards, or coupons at the point of sale. The firm expects that, by 2014, 150 million smartphones with be enabled with NFC.
Watch the Google Wallet Video to know more: