Make Your Phone Your Wallet

We started with the barter system, then moved onto precious metals, then coins and notes, followed closely by credit cards.  The next evolution is using your smart phone as your wallet (credit card).

Google has recently launched ‘Google Wallet’ – an app that makes your phone your wallet—with Citi, MasterCard, Sprint and First Data. With Google Wallet, you can tap, pay and save using your phone and near field communication (NFC).

If you don’t have a Citi MasterCard and you want to use Google Wallet you can use the Google Prepaid Card. The Google Prepaid Card is a virtual card that you can fund with any of your existing credit cards.

The business implications of this technology are far reaching too:

Gift cards: Google Wallet can store gift cards for participating merchants. When you tap to pay at a merchant, Google Wallet transmits your gift card information to the terminal. This is very clever.

Offers & Loyalty: Google Offers are deals on products and services at local or online businesses. Whenever you buy or save a Google Offer, it automatically syncs to your Google Wallet so your offers are always with you. Google Wallet can also store loyalty cards for participating merchants.  The world of the coffee loyalty card will never be the same again.

 

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