In May, Google proclaimed the end of the wallet by announcing a new service called Google Wallet that promises to make mobile paying as easy as tapping a phone to an intelligent terminal which can take digital receipts and coupons and carry out the transaction. The company followed-up with a splashy video that highlighted the bright future of digital invoicing. Four months in, people still carry traditional wallets in their pockets. Heck, some even keep an iPhone in their wallet.
The Next Web points to an interesting video put together by AdZag, explaining why Google Wallet is a disruptive technology of the future rather than a fad. It’s actually the clip Google showed at the Wallet presser, it just hasn’t been available online until now. Google Wallet’s biggest hurdle is availability….
The service requires a Nexus S 4G smartphone on the Sprint network, a Citi MasterCard card and MasterCard PayPass terminals at the point of sale. Google partnered with retailers such as Macey’s and Subway and pledged to bring more companies under the fold to broaden the service’s appeal. At the same time, the company is facing an uphill struggle as it faces competition from entrenched players like banks, financial institutions and even US carriers Verizon Wireless, T-Mobile USA and AT&T who recently announced an investment of more than $100 million in a joint mobile payment venture.