Earlier this week Google announced it will be unraveling its newest product…Google wallet.
In Googles own words…
“In the past few thousand years, the way we pay has changed just three times—from coins, to paper money, to plastic cards.
Now we’re on the brink of the next big shift.”
This new big shift is called N.F.C. ( Near Field Communication) and is poised to take over the way we make payments with the help of Google.
Basically how it works is you download the app to your phone and store your credit card/debit card numbers in the system.
Then, the next time you are shopping at your favorite brick and mortar store or restaurant that offers the service you will be able to pay by merely tapping your phone to the new POS device. Its that easy.
At the moment this is an android exclusive app for the Nexus 4g phone. However it should be expanding to more models later this year.
In conclusion this new product is a huge announcement for Google and the businessworld in general.
Google has mainly been focused on search for so many years so it is interesting to see them positioning themselves to branch out into so many other markets with this new product.
I see this as being a huge potential for Google. Also it will be interesting to see how they integrate this product for ecommerce down the line. Could this be a a potential competitor of Group on as google has announced they will be incorporating discounts and offers into the system? As many of you know google attempted to buy the company several months ago but the offer was rejected. Only time will tell as we watch this story unfold.
Stay tuned to Your Daily Concept for updates on this breaking story.