At some point in the very near future, Google will release Google Wallet. Here is what you need to know.
Thing Number 1: This probably won't help you [just yet] because your phone doesn't have NFC.
Thing Number 2: A boatload of people are going say, "What if I lose my phone?"
Thing Number 3: This is one of the greatest and most significant WorldChanging innovations ever.
First let's talk about Thing Number 1. NFC. At The World Changing, we're always keeping abreast of the world's mobile phone possibilities. We don't have too many choices yet when it comes to NFC - although several new ones are right around the corner. If you're reading this, and have NFC in your pocket, it's probably because you have a Google Nexus S. Sadly for you, we recently did a hands-on assessment with the Google Nexus S and here was our assessment:
- "The Google Nexus S has NFC, but no one is using that yet. Otherwise, it's basically a Galaxy S phone with a curved screen - A year old phone with a notoriously-malfunctioning Samsung GPS that has plagued their phones for some time."
So, finding your way to stores with your somewhat-functioning GPS might be a challenge, but paying for stuff once you get there is about to get kickass! The rest of us have to wait a little while longer. Here's the current list of NFC-enabled phones if you're in the market for a new one.
Begrudgingly, if we don't tackle Thing Number 2, everyone who reads this is going to say: "What if I lose my phone?" "Hey jackass. The same thing that happens if you lose the nine year-old wallet in your back pocket. Call your credit card company and cancel the cards that were in it." We're not really going to dignify the credibility of this rebuttal with any more discussion than that.
Alright, now on to Thing Number 3. Google Wallet... or for those that will eventually be Apple Wallet fans - Mobile Payment... is one of the best innovations ever. There aren't many things we do as often as we 'buy stuff'. It is estimated that there are 10,000 payment card transactions made every second around the world (Source: American Bankers Association, March 2009). At the surface, this gives consumers this: You never leave home without your phone. Now you can pay with it!
One day soon, our wallets will become mythical beasts like unicorns or YellowPages. The next phone most of us will buy will have be NFC-enabled and that will allow us to pay for things using it. Something that you might not realize is that a staggering number of locations in the US already support NFC "Bump Pay". Just look for the
Blink ))) symbol on the credit card reader on one of your 34,000 local Subway Restaurants or at one of the 14,000 McDonald's near you. Even the taxi you jump into next might already have a card reader fitted with everything it needs to accept Google Wallet payment as soon as our phones let us install it. We're on the verge of a World Changing.
Check out this promo video from Google:
