Google Wallet is the new smartphone payment system conceived by Google. Usable like a credit card, it will allow you to make purchases by paying via smartphone. Here is the Google Wallet presentation video.
Google is entering the electronic payments sector, announcing Google Wallet, a virtual wallet entirely contained within your smartphone.
This new transaction method will likely officially launch in September in the United States, before arriving in Europe and the rest of the world. Naturally, being a Google product, it will function on Android devices.
Google Wallet will manage your credit card, without the need to physically hold one: simply set up the necessary password and parameters directly on the app downloaded onto your smartphone to use it as a payment method in shops, at the supermarket, and in shopping centers.
Google Wallet will operate via a dedicated POS system that merchants must be equipped with; otherwise, no transactions can be processed.
Currently, the companies that have embraced this project include Citi, Sprint, MasterCard, and First Data.
To start attracting potential users of Google Wallet, Mountain View will offer prepaid cards to incentivize the use of this new payment technology.
The project will also integrate with another Google service: the same stores that use the special POS will also be able to affiliate with Google Offers, in order to offer discounts and promotions, to increase their visibility and perhaps attract new customers.
The first smartphone fully compatible with Google Wallet will be the Nexus S 4G.
We are sharing an official Google Wallet presentation video, featuring comments from executives of major retail chains that have decided to encourage the use of Google Wallet.
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