I doubt very much Frank and Estelle will follow in their paranoid, self-absorbed, cheap-wedding-invitation-buying son’s footsteps but it looks like he is the perfect poster-child for the Google Wallet, don’t you agree?
I wonder if the Soup Nazi will accept payments via the Google Wallet? George may want to look into that but be that as it may the Google Wallet looks pretty damn cool, if I may be so technical.
Seriously though, this is just another example of the massively exploding field of Mobile Marketing and Mobile Advertising and just Mobile in general. Way back in June, before anyone care about Chaz Bono and his dancing prowess, I told you of The Rapid Rise Of Mobile Advertising And mCommerce. “The number of advertisers using mobile advertising has doubled in just two years and accordingly mCommerce is growing right along with it. Marketers need to grow along with it.”
Then in July I gave you Another Reason Why Marketers Need To Be Mobile. “… money transfers and NFC (Near Field Communications) transactions will hit $670 billion by 2015 – nearly three times as much as will be seen this year, $240 billion.”
Google Wallet is an app that will utilize NFC technology to make your phone your wallet… literally. It stores virtual versions of your existing plastic cards on your phone, along with your coupons, and eventually, loyalty and gift cards. Right now the app is will be only compatible with the Nexus S 4G by Google, available on Sprint®. But you know if this takes off, you can expect a wider range of options.
And as for what kinds of partnering companies Google and Google Wallet is working with, they include issuing banks, mobile operators and merchants, among others. Retailers take note because under Google Wallet’s “open commerce ecosystem,” Google Wallet will establish APIs to enable transfer of offers, loyalty programs, receipts, and more at the point of sale.
Now Google Wallet has its supporters, including The Atlantic Wire who recently posted an article Why Mobile Payments Are More Than a Credit Card on Your Phone. In their article they tell of the potential advantages of Google Wallet, citing it’s faster, makes one more fiscally responsible and is actually educational because “mobile payment apps can educate you as you shop.”
And Google Wallet has its detractors as well… Why Google Wallet is an Epic Fail Waiting to Happen. In her article for nfcdata.com, the author says Google Wallet will be the next Google Wave, AKA a massive failure.
As for me… it’s too early. It’s way too early. I know there will be a group of people who, for a myriad of reasons, the least of which being security, will be reticent to use their mobile phone as a credit card. I can surely appreciate the concern over security.
I also know it will be interesting to see how this all plays out and how, if Google Wallet is successful, who will be the next to jump on the proverbial bandwagon.
Oh yeah, I also know one other thing… and that is that even though George Costanza (Jason Alexander) is not technically in the Google Wallet commercial – meaning they used existing footage rather than shoot a whole new spot, it is markedly better than another Seinfeld cast member commercial done involving a major company…