Google Wallet, a groundbreaking mobile payment service, is expected to launch this summer.Adding a new dimension to mobile technology, this Android app will allow users to use their cellular devices as a virtual credit card that stores all of their credit card information.
To use it, you “tap and pay” at specially designed readers located at your favourite stores.
At an event a few weeks ago, Google, Citi, MasterCard, First Data, and Sprint teamed up to provide the foundation for the launch of Google Wallet. The unveiling took place in New York City at Google’s offices on May 26. Though Google Wallet has already received extensive acclamation for its innovative concept, its success is completely dependent on technological implementation by U.S. retail stores and mobile phones.
This mobile application requires near field communication technology, or NFC, which is available now only on Sprint’s Nexus S 4G phone. NFC enables secure, simple transfers of information to occur between devices with a tap. Smartphones with an NFC chip will be able to make credit card payments at stores with the updated tap-and-pay terminals.
Currently, Verizon Wireless is the largest mobile telecommunications network and wireless phone provider in the United States with over 100 million subscribers. Until companies like Verizon incorporate NFC technology into their mobile phones, Google Wallet will fail to reach its potential success.
Eric Schmidt, chairman of Google Wallet, predicts that one-third of U.S. retail stores will provide tap-and-pay terminals in the next year. So that means two-thirds of retail stores will not provide this service, making Google Wallet unusable to many consumers.
For Google Wallet to become a dominant player in mobile technology, it must be able to compete with an actual credit card. Though a great portion of stores will advance into tap and pay technology in the next year, two-thirds of all U.S. stores will only accept cash or credit. So though Google Wallet has the potential to become a huge success, it will have to wait for other stores to catch up.
Many consumers are wondering where Google Wallet can be used on its launch date. Here is a list of some major retail stores that offer tap-and-pay services.
5. Duane Reade
6. Sports Authority
8. 7 Eleven
9. Pet Co.
11. Home Depot
13. Champs Sports
14. Dairy Queen
15. Einstein Bros. Bagels
16. Foot Locker
18. The Container Store
20. Jack In the Box
If you would like to view all the places where Google Wallet can be used, use Google’s interactive map.