Will Google Wallet Replace Credit Cards? | CreditShout

Will Google Wallet Replace Credit Cards?

By Dan Rafter / June 10, 2011
Will Google Wallet Replace Credit Cards?

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Google can be one tough competitor. Just ask the folks at Yahoo! or Bing. Despite the efforts of these and other rivals, Google remains the king of online search engines.

And now Google is planning to go after credit cards — sort of.

Google, actually, likes credit cards. And it plans on making a lot of money from them in the near future. It’s just trying to make it so that you never have to carry the actual plastic cards in your wallet again, at least if you own an Android phone.

In late May, Google finally unveiled its long-awaited plans for Google Wallet, its mobile payments app.

A Wallet in your Phone?

An app designed for Android mobile phones, Google Wallet houses information about your credit cards, gift cards and loyalty cards. The way it works is simple: You swipe your phone over a receiver to complete electronic transactions. Your phone, using Google Wallet, will also automatically redeem special offers and credit your credit card accounts with loyalty or rewards points.

And all you’ll have to do is swipe your phone.

Powered by NFC

Near-field communication, better known as NFC, is the technology behind Google Wallet. This is the tech that allows a transaction to happen when you swipe your phone. According to Google, more than 120,000 retailers in the United States alone are prepared to offer Google Wallet users the opportunity to pay for their purchases with a phone swipe.

Google Wallet will work now with only Citi MasterCards and, of course, Google’s own digital prepaid card, known as the GCard. Wallet users will complete purchases by tapping their NFC-enabled phones at PayPass terminals operated by MasterCard.

An Eye to the Future

Google, of course, isn’t stopping here: The company plans on adding more credit cards to Google Wallet soon.

Google is rolling out its new service in New York City and San Francisco, and will then add more cities in the near future.

Flip through your wallet and take a long look at all that multi-colored plastic inside it. If Google Wallet takes off, that rainbow of plastic might one day become a thing of the past.

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