Google Wallet has now been given the start that it needs to build its momentum, but it still has some way to go if it wants to be taken seriously as a payment system. American Express and MasterCard were already onboard, and now Visa has also expressed an interest. With NFC phones now becoming more popular now is the time that we will see the likes of Google’s Wallet and other such payment systems grow.
The search engine giant seems to be making an habit of coming up with a new business model, and is doing a good job of it, but let’s not forget that Wallet is still in its early stages and needs to time grow. The big three card companies that we mentioned above will certainly help, but Mashable has a good point to make when they say that support from financial institutions is now needed the most.
Google Wallet and other mobile payment systems will take some getting used to, as the public will need convincing of its security. Going back many years, card companies faced the same issue – now look at them? The likes of you and I all carry our cell phones with us, and being men makes sense for us to dump the wallet and use a tap and pay method instead. Okay, so it will be a while before we can get rid of our wallets, but that will happen in time.
Like all things there will be a few teething problems along the way, such as getting your card to link up correctly to Google Wallet. However, these things can be solved and when it does we can expect more smartphone users to buy into the new payment system. The only thing that we need now is more support from the likes of Motorola, HTC, Samsung, LG etc. However, the biggest endorsement for NFC technology would be if Apple includes it in the iPhone 5. Read how you can get NFC on your iPhone 4 now.