Coming soon: make your phone your wallet
May 31, 2011
Google Wallet (credit: Google)
Google, along with Citi, MasterCard, First Data and Sprint, has given a demo of Google Wallet, an app that will make a user’s smart phone into a wallet. The user is able to tap, pay, and save using a phone and near field communication (NFC).
Because Google Wallet is a mobile app, it can do more than a regular wallet. Users will be able to store credit cards, offers, loyalty cards, and gift cards — but without the bulk. When a user taps to pay, the phone will automatically redeem offers and earn loyalty points. Boarding passes, tickets, IDs, and keys can someday be stored in Google Wallet, says Google.
Initially, Google Wallet will support both Citi MasterCard and a Google Prepaid Card that can funded with almost any payment card. Users will be able to tap their phones to pay wherever MasterCard PayPass is accepted.
Google Wallet will also sync with Google Offers, which can be redeemed via NFC at participating SingleTap merchants, or by showing the barcode at checkout. Many merchants are working to integrate their offers and loyalty programs with Google Wallet.
With Google Wallet, Google says they’re building an open commerce ecosystem, and are planning to develop APIs that will enable integration with numerous partners. Google Wallet will be compatible initially with Nexus S 4G by Google, available on Sprint. Over time, they plan on expanding support to more phones.
Google is field-testing Google Wallet now and plans to release it soon. More: Google Wallet website.