Saturday, May 28, 2011

Five reasons Google Wallet will succeed

Google just announced their Wallet service, which will allow you to make payments by simply tapping your phone on sensors around your city... just like the future. The Internet is skeptical about its potential success. Many people are giving reasons why it might fail in the market.

What will actually happen, we will know after it is implemented. For now, here are a few reasons why I think it might do well, in no particular order. Right after the break.
It's convenient
This one is simply a no-brainer. Why do innovations happen? To make living easier. 

How about going into a store, picking stuff up, whipping out your phone and tapping it on a terminal? Sounds futuristic, doesn't it? It would be so amazing if this happens. You no longer need to carry a wallet everywhere. Even credit cards will be a thing of the past.

An already big-name company is developing it
Google is no new start-up that is promising big stuff. It is already a huge, multi-national and recognized corporation. There is a bigger chance that they can do it. Also, because they are a bigger company, they have bigger influence. Implementing will be almost no problem to them compared to a new start-up. Also, many people trust Google.

Easily integrate-able
As I mentioned earlier, Google Wallet is not something being developed by a new company. Because it is Google, it can be easily integrated with other Google services. For example, Google Offers can be synced with your Google Wallet. If you have a Wallet, you might get special and exclusive offers from nearby retailers and businesses. Also, you can use Google Wallet with many MasterCard Paypass enabled merchant in the US.

Most people these days already have a Google account. Android is the most used mobile operating system in the world market. Once manufacturers who are using Android on their phones start building in NFC chips into their devices, there's no stopping Google Wallet's spread.

They're almost done
Google Wallet is not simply a 'hypothetical' idea that might happen sometime in the future. The Nexus S 4G on Sprint in the US will support Google Wallet on launch in San Francisco and New York (later in other cities).

Several merchants will be accepting Wallet at its launch. This includes Guess, Toys 'R' Us, Subway, RadioShack and many more.

NFC is already proven to work in the real-world
No, you didn't read anything wrong. Near-field communication payments are already happening in several places on the planet, including Japan (of course).

NFC payments are nothing new and untested. It has already happened, and I personally don't think it will find hard to catch on in other countries. It's only a matter of time.