Backed by MasterCard and Citibank, Google Wallet will debut in San Francisco and New York this summer, leveraging the Samsung Nexus S 4G as the primary handset running on the Sprint network. Google will finance the new Wallet system by offering retailers the ability to target coupons and loyalty programs to their customers.
Looking forward, Google Wallet may not turn out to be a long-term powerhouse but merely apply pressure to banking, retailers and phone manufacturers to develop competitive NFC-based, “tap-to-pay” technologies. Either way security concerns will explode, but market adoption will be the true test.
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Author: John Carew