At an event today, Google introduced its all new – Google Wallet, the future of payments. From now on, users can bid farewell to their wallets as this new digital wallet which resides on phone will lead the way. Google Wallet allows companies to make one to one connection with users, and help make the shopping experience easier.
Google has partnered with companies to implement NFC based payment acceptable systems on their store. Google Wallet runs as a native app on your mobile device equipped with an NFC chip and Google Offers helps users get offers based on their location and search. Google Offers sends a coupon over the air to device authorized for Google Wallets. You can also use your device’s camera to snap the Google Offers icon found on printed marketing materials such as in-store posters, banners, print ads and more.
With Google Wallet, you will have to simply wave your Android phone at a counter, and transactions will automatically take place. This will help improve customer experience, and all receipts will be generated and sent electronically making the process faster.
Google Wallets will begin trial today and it will be official out this summer. You can add your existing cards to Google Wallet and even passcode lock them. As Google Wallet will work with Mastercard Paypass, most merchants are already ready to make transactions via Google Wallet.
Apple is also coming up with such a system that will be tied with iPhone and iTunes.