Thursday, May 26, 2011

Coming soon: make your phone your wallet

Today in our New York City office, along with Citi, MasterCard, First Data and Sprint, we gave a demonstration of Google Wallet, an app that will make your phone your wallet. You’ll be able to tap, pay and save using your phone and near field communication (NFC). We’re field difficult Google Wallet now and plan to release it soon.

Google Wallet is a key part of our ongoing effort to get better shopping for both businesses and consumers. It’s aimed at making it easier for you to pay for and save on the goods you want, while giving merchants more ways to offer coupons and devotion programs to customers, as well as bridging the gap between online and offline commerce.

Because Google Wallet is a mobile app, it will do more than a usual wallet ever could. You'll be able to store your credit cards, offers, loyalty cards and gift cards, but without the bulk. When you tap to pay, your phone will also routinely redeem offers and earn loyalty points for you. Someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.

At first, Google Wallet will hold both Citi MasterCard and a Google Prepaid Card, which you’ll be able to fund with roughly any payment card. From the outset, you’ll be able to tap your phone to pay wherever MasterCard PayPass is accepted. Google Wallet will also sync your Google Offers, which you’ll be able to redeem via NFC at participating SingleTap™ merchants, or by performance the barcode as you check out. Many merchants are working to put together their offers and loyalty programs with Google Wallet.

With Google Wallet, we’re building an open commerce ecosystem, and we’re setting up to develop APIs that will enable addition with numerous partners. In the beginning, Google Wallet will be well-suited with Nexus S 4G by Google, available on Sprint. Over time, we plan on growing support to more phones.

This is just the start of what has already been a great exploit towards the future of mobile shopping. We’re extremely excited and hope you are, too.

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