Google has recently created massive waves again by introducing “Google Wallet”, an Android application that will store your credit cards and make it so you can pay with your phone. This of course has created a strong divide between supporters and naysayers.
Supporters of Google and, of course, Google itself, say that it is time for a change in how we complete financial transactions on a day to day basis. Google is saying that, eventually, the Wallet application will hold all of your credit cards, rewards cards, membership cards, basically everything cluttering up your wallet.
Another plus is that Google Wallet is going to piggyback off of MasterCard’s instant PayPass system, which is already set up in many places around the country, so Google Wallet will have access almost instantly to thousands of stores as soon as the application is launched.
On the other side, many are protesting the application saying that it is not practical technology yet. Naysayers point out that there must be a lot of security available on the phones so that people cannot simply steal credit card information with skimmers and scanners. This means equipping all phones with an NFC chip for security, which very few phones have at the moment.
All-in-all Google Wallet is a great idea, but it does have its obstacles to overcome. If Google Wallet does catch on though, it could change the way we think about money forever.8 June 2011