For over a decade, PayPal has cornered the market on online payments. Google’s new product, Google Wallet, is set to change the landscape significantly.
Already launched for users in the United States of America, Google Wallet is the future of online payments and could potentially become your physical wallet within a decade.
Google seem to always come in at the bottom end of the market on any product they introduce and Google Wallet is no different. Sending and receiving money through Google Wallet either from your wallet or directly from your bank account will be free, while credit card payments will attract the usual 2.9 per cent fee. Compared with the fee structure of rival PayPal, which takes a percentage of the money sent, Google Wallet is a game changer.
With the market share of Android powered devices growing quarterly, Google has created the Google Wallet product to allow Android smartphones to be used as ‘Tap and Pay’ devices. This means that you could walk into Myer, select a product you wish to buy, pull out your smartphone, select your card of choice which is loaded into the Google Wallet and then tap (similar to paypass) to purchase the product.
Google hasn’t released any date for worldwide deployment, but I will be watching Google’s media page closely and keep you updated.
Find out more at www.google.com/wallet