Using one’s phone as a credit card has been a concept that has been discussed for quite some time.
Google has recently unveiled a cool new service called Google Wallet, which would allow you to tap your phone at merchant locations and pay for your purchases. Google Wallet is an app that makes use of near field communication. The app is still being tested in the field, and merchants are beginning to collaborate with Google so that one can just tap the phone and make purchases.
The idea is to make shopping a hassle free experience for both consumers and businesses. Google Wallet might also bridge the gap between online and offline purchases, and would help you to track your expenditure without over spending. Google Wallet would not function just as a credit card payment option, but it may also be used in future to integrate your boarding passes ID cards, keys, tickets etc.
At the moment, Google has entered into a deal with Citi MasterCard and of course, it would also support Google Prepaid Cards. Google Wallet would enable you to pay for purchases wherever MasterCard PayPass is accepted. In fact, it doesn’t end just there, and the Google Wallet will also allow you to redeem your Google Offers with the help of NFC at participating SingleTap™ merchants. Merchants have already begun to work with Google to sync their offers and loyalty programs with the Google Wallet.
Google App would be compatible with Nexus S 4G. Slowly over a period of time, Google plans to expand this to other Android phones as well. It surely is great news for those of us who hate carrying wallets but I would only be worried about credit card information not being stolen at rogue merchant locations. You could also take a look at MobilePay, which is a similar app that allows iPhone users to pay with their phones.
Via: Google Mobile