Over the years, the use of physical cash has declined with the increased use of credit and debit cards. There are many people who do not even carry cash on them at all simply because they feel that it is too bulky and inconvenient. The ease and convenience that a debit or credit card brings to a consumer’s shopping experience has grown to be a more appealing way of paying for various items. Now, though, Google Inc. has attempted to make even this form of payment a thing of the past move on to the next big thing: to complete payments from a smartphone.
Basically, Google has come up with a way to make all of your debit, credit and even brand loyalty cards on your smartphone, which makes making electronic payments even easier. Instead of fumbling through your wallet to find these various cards, you can simply pull out one card, the Google Wallet Card, and complete any transaction with ease. The Google Wallet Card that is swiped will simply access the chosen card on the account and access any loyalty or rewards cards attached to the store. This technology can be used anywhere that debit and credit cards are accepted, which means that it can be used anywhere nowadays.
By releasing such an application and choice to consumers, Google will be taking the lead against its competitors in the market, such as Square and PayPal. This is especially due to the fact that the Google Wallet App will be available in both the iOS, or Apple, and Windows phone which makes it available to more consumers across both softwares. With this newer feature and easier payment system, it is believed that Google will be able to attract far more customers than either competitor even if they are able to catch up with the technology in the near future.
Although it is not yet confirmed, it has been rumored that the Google Wallet card service may even surpass PayPal and come out with an card service that is integrated with the app and have secure payment service on the app directly. This may be on the list of further improvements that Google has decided to make on the service.
Although the concept of the Google Wallet is very appealing and innovative, it is still under speculation by the public. Personally, as someone who still uses cash from time to time, I am not so sure that I will be able to easily adjust to something like the Google Wallet. The idea of having access to all of my finances in one place would, for me, be too risky.