Early today Osama Bedier Vice President of Payments announced through
the official Google Blog that the Search Engine Giant had delivered on
its May promise to create an app that would make the fat consumer wallet
stuffed with credit cards look thin. Google Wallet opened its account
on a limited scale
with its first partner Citi Master Card using Sprint and First Data.
The tap and pay Google Wallet does not require you to use your phone and
the Near Field Communication. ( Below Photo posted at GigaOm )
The video clip showing a demo of Google Wallet in action using a Sprint Nexus 4G phone, had a satisfied customer offloading his overstuffed wallet packed with credit cards, claiming ‘ it is serenity now’.
Google also announced that it will soon go full throttle after the required incorporation of ‘air update’ and further up gradation of software for the next roll outs. It confirmed that Visa, Discover and American Express have made available their NFC specifications that could enable their cards to be added to future versions of Google Wallet. It also introduced the Google Prepaid card, which can be funded with any existing credit card and added a $10 introductory bonus to early activators who would set up their Google wallet Accounts before end of the year.
Google Wallet had announced its intent to set up an open commerce ecosystem, a statement that has been differently interpreted by analysts. While most have taken the announcement at face value understanding that it was the ease of operation that Google was talking off, a few have interpreted it as an add on venture for using Google’s mountain of cash pile that exceeds $ 30 billion as of date.
They claim that Google could mean effectively that it would want to get into the consumer driven credit card market and enable interest rationalization in credit transactions for merchants and users, something that could give headache to the existing credit card companies. Whatever be the outcome, the Google Wallet business seems a promising diversification for the search engine giant in search of new avenues for its global domination plan.
By: Sandip Sen
The video clip showing a demo of Google Wallet in action using a Sprint Nexus 4G phone, had a satisfied customer offloading his overstuffed wallet packed with credit cards, claiming ‘ it is serenity now’.
Google also announced that it will soon go full throttle after the required incorporation of ‘air update’ and further up gradation of software for the next roll outs. It confirmed that Visa, Discover and American Express have made available their NFC specifications that could enable their cards to be added to future versions of Google Wallet. It also introduced the Google Prepaid card, which can be funded with any existing credit card and added a $10 introductory bonus to early activators who would set up their Google wallet Accounts before end of the year.
Google Wallet had announced its intent to set up an open commerce ecosystem, a statement that has been differently interpreted by analysts. While most have taken the announcement at face value understanding that it was the ease of operation that Google was talking off, a few have interpreted it as an add on venture for using Google’s mountain of cash pile that exceeds $ 30 billion as of date.
They claim that Google could mean effectively that it would want to get into the consumer driven credit card market and enable interest rationalization in credit transactions for merchants and users, something that could give headache to the existing credit card companies. Whatever be the outcome, the Google Wallet business seems a promising diversification for the search engine giant in search of new avenues for its global domination plan.
By: Sandip Sen
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