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Will Google Wallet ignite mobile payments? How will the competition respond?
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Posted by Asics Onitsuka, 06/12/2011 9:31pm (6 months ago)
In reference to comments below about inconvenience of PIN and the need for security....
This has been effectively addressed with fingerprint sensors in Japanese market for many years. Replace the PIN with a simple finger swipe and you get convenience and security in one go!
Note that there are also implementations that permit the payment app to automatically launch on device wake when a specific (payment finger) is swiped.
Can you think of any other way to increase security while making the service easier to use at the same time?
Posted by Dave, 27/06/2011 10:27am (11 months ago)
I don't know if Google Wallet in it's current iteration will ignite mobile payments. But mobile payments are coming. Who wants to carry a cell phone and a wallet around if just your cell phone will do? Eventually everything will be on there, your cards, your cash, your ID.
The key here will be Google using it's market power to get some large retailers on board. The walmart, target, best-buy, or starbucks sort of players. That will spur a lot of adoption amongst consumers and make it much more appealing for smaller merchants to spend the effort to do it as well.
Posted by Justin, 22/06/2011 6:35pm (11 months ago)
I don't think the PIN code is a problem if you can do it while standing in line before it's time to pay. It's part of the process just like you reach for your wallet and pull out the right card or the right amount of cash. Once it's time to pay you just tap your phone and you're done. No need to enter PIN on the payment terminal, no receipt to sign, no need to check that you got the correct change back.
I think we will have to wait for critical mass though when it comes to number of phones and terminals that support this.
Posted by Adam Nybäck, 02/06/2011 9:27am (12 months ago)
I think it will ignite the platform within a select group of technology comfortable consumers. However, the barriers to wider adoption will still remain. The barriers in my view would be educating the public, breaking payment habits and wide based merchant adoption (national, regional and local). There are certainly tremendous potential benefits and positive externalities that will spin off from this platform and I'm looking forward to those innovations and their impact on the industry.
Posted by Daniel Schwartz, 02/06/2011 9:27am (12 months ago)
Have to say no. The tech is cool and will generate buzz. From a customer standpoint, however, the "what's in it for me" isn't well communicated or clear. I think that can/will be overcome but it will take time.
Posted by Greg Beck, 02/06/2011 9:27am (12 months ago)
May be in US and Europe but certainly not in Developing economies.
Posted by Ramiz Naglekar, 02/06/2011 9:26am (12 months ago)
Agree with goth of you, and I had the same concerns. However where Google differentiates is their Groupon-loyalty in the business model. If they can exploit that and my phone will be able to replace loyaltycards AND tell me what loyalty is the right one in the store I'm shopping AND tell me what offers are currently available, of which I wasn't previously aware of... than yes I would fall for google as well!
Of course, it depends which bank they will be partnering with in Belgiu;, but still ;)
Posted by Rik Coeckelbergs, 02/06/2011 9:26am (12 months ago)
I have major concerns on the solution required Pin entry every transactions - hardly the idea of contactless, meant to be faster, and data stored on the phone will cause security concerns with consumers - perception is reality!!
Posted by David Parker, 02/06/2011 9:26am (12 months ago)
Mobile payments without mCommerce and a real ROI for the merchant, Why?
Mobile wallet if it can't replace the leather wallet, Maybe? A Mobile wallet need to everything in my existing wallet. My drivers license, coupons, receipts, loyalty cards, airmile cards, libary card, donor card, health insurance Cards ... and yes my payment cards too.
Posted by Philip Andreae , 02/06/2011 9:25am (12 months ago)
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