Google Announces Google Wallet (NFC)

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Google Announced Google WalletOn Thursday [5/26/11] in NYC Google revealed it’s new Mobile Payment System, called Google Wallet.  This new product uses something called NFC technology to allow users to pay for purchases, track loyalty points and redeem coupons by swiping their phones over ‘readers’ at registers (like mobile speedpass or ‘paypass’).

This is a very ‘soft’ launch as the service will launch in only 2 cities and on one phone, the Nexus S 4G.

According to the announcement, Google will not take a cut out of the transaction fees but instead will ‘leverage’ the information it collects (where and what people are buying) to help sell their ads.  Furthermore, they will be able to extend deals and coupons through their new Google Offers products.

Google Reveals Google Wallet with NFC TechnologyGoogle reveals it’s new NFC (near field communication) Wallet offering with support from Citi, FirstData and sprint each leaders in their respective industries (banking, merchant processing & mobile respectively).

Time will tell how successful this endeavor can be.  Seeing that the availability is very limited (one phone) and the usable locations are also very limited (about 15 national merchants) the first few months of this program will prove vital to the long term success.

We feel that the concept has strong possibilities. The ability to integrate this with Google Offers is endless.  Now, Google just needs to expand Google Offers to more than 3 cities and continue to push to have as many businesses providing ‘offers’ as Groupon or LivingSocial.

Check out the FULL [1hour+] Google Wallet & Google Offers Announcement

[UPDATE] Merchants with PayPass technology should be able to accept the Google Wallet payment solution as well as those with specific Google Wallet payment devices.

Google Wallet Promo Video

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