Recently, Google has just announced a new mobile payment system they have just created. The app is called Google Wallet and it is a free Android app that is due this coming summer. The Google Wallet allows users to make payment for items or services. Basically with Google Wallet, you are able to purchase anything with it. The Google Wallet acts like a credit card but you do not need to carry it in your wallet but in your phone instead. Major credit card companies like MasterCard, VISA etc. have invested a lot in this application and the Google Wallet is open platform software.
The Google Wallet is basically like VISA wave and it does not need any PIN number at purchase. Authorization is confirmed via your phone so it makes purchase faster. Google announced that at the release of the Google Wallet, they are going to encourage a lot of deals such as loyalty rewards, promotions, discounts and etc. This creation from Google will be the new way to purchase items in the future. No more multiple credit cards, no more troublesome pin codes to remember. It’s all in one.
Unfortunately, PayPal disagreed on the idea of having this app because when the Google Wallet is launched, PayPal will be redundant and then it’ll go extinct. Initially, PayPal wanted to make a deal with Google so that the Google Wallet will use the NFC Mobile payment system but Google rejected it since they already have their own payment system.