Google Wallet…

Thursday, 22 September 2011

…bringing prepaid its critical mass? 

Google Wallet has been designed for an open commerce ecosystem. It will eventually hold many if not all of the cards you keep in your leather wallet today. And because Google Wallet is a mobile app, it will be able to do more than a regular wallet ever could, like storing thousands of payment cards and loyalty offers but without the bulk. Eventually your loyalty cards, gift cards, receipts, boarding passes, tickets, even your keys will be seamlessly synced to your Google Wallet. And every offer and loyalty point will be redeemed automatically with a single tap via NFC (Near Field Communications). Bar Google knowing even more about you than you might yourself, what is not to love?  

Will people be more inclined to pick up promotional cards and offers? Absolutely, being honest, while I love prepaid, having 20 cards and a bunch of ripped vouchers in my wallet is a sub-optimal proposition. Will the phone prompt you when you are near a store for which you have an offer? Absolutely, and this will be transformational for merchants who in turn will issue more cards and offers and also drive the adoption of NFC technology.