Thursday, May 26, 2011

Google tries to replace wallets with smartphones

By PETER SVENSSON, AP Technology Writer- Google Inc. is trying to nudge consumers and merchants into a world where the smartphone has replaced the wallet as the container for credit cards, coupons and receipts.
In Google's vision detailed Thursday, shoppers will touch their phone screen to select a card, then tap the phone to a credit-card reader in a store or restaurant. Google would make money by selling coupons and advertising that come along with the experience.
It's a goal shared by others. The Internet search and advertising company faces tough competition from cellphone companies, payment card issuer Visa Inc., eBay Inc.'s PayPal payment service and others. All of them want to play the central role of tying together phones, retailers and banks into a new payment system.
This isn't Google's first attempt at electronic payments. The company, based in Mountain View, Calif., introduced an online payment service called "Checkout" five years ago. It hasn't posed a serious threat to PayPal.
I think this is a very good idea! less things to carry around, all you need is your phone! but if you lose your phone there goes your credit cards...
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7 comments:

  1. AnonymousMay 26, 2011 at 10:40 PM

    I do like the idea of all-in-one device, make calls, check my email, facebook, buy stuff, etc. Problem is I still need my wallet for my ID and other important things that I carry with me. So what is the big deal to carry my cash card? May as well just put a barcode or a chip in us all with all that info.....

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  2. PhateMay 27, 2011 at 4:52 PM

    This is actually a really good prospect - and I'm not sure if JeffreyD was being serious or not, but I think that's a BRILLIANT idea. A chip would remove theft worries as well.

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  3. aether45May 28, 2011 at 3:06 AM

    Corporations trying to control our money supply? Electronic devices containing all of our information? Am I the only one that thinks this is a bad idea? I certainly hope not.

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  4. CMay 29, 2011 at 12:09 AM

    I do not like the idea of any small, portable, easily stolen, electronic device containing all of that information.

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  5. DvallejMay 31, 2011 at 9:18 PM

    if someone can do it is google

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  6. GamerGanzJune 1, 2011 at 8:40 AM

    So.. when can we just thumb print in the store and its paid for? :D Or eye scan haha.

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  7. prisoner artJune 6, 2011 at 12:10 PM

    Gov't and corps have been pushing this forever - eliminating cash and going all-electronic would give them total control over money and economic transactions - and remember - the people at the controls could freeze your money in an instant, if they chose, with this system.

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