With the announcement that Google has rolled out Google Wallet, lot of people are excited. The question is this: What is Google Wallet?
Google Wallet is a mobile payment system developed by Google that allows its users to store credit cards, loyalty cards, and gift cards among other things, as well as redeeming sales promotions on their mobile phone. Google Wallet uses near field communication to “make secure payments fast and convenient by simply tapping the phone on any PayPass-enabled terminal at checkout.” Google demonstrated the app at a press conference on May 26, 2011. The app will be available summer 2011. The app will only be available for the Nexus S although Google plans to develop the app for more phones. The service will work with over 300,000 MasterCard PayPass merchant locations. (wikipedia)
This is actually one great product Google could roll out if there could be partnership opportunities with local banks in Africa. A competing product, named Square, is also popular. However, they do not have the spread and brand recognition Google commands. With Google’s power and marketing process, they can even save fees for merchants.
We cannot wait to have Google deploy this product in Africa and possibly save many people from the problems of Western Union. If they enable people to operate on multiple currencies, this can be a change changer.