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Google shoots back with Google Wallet

May 26, 2011

Google officially announced their new NFC-based mobile wallet solution today.  And the name is, drumroll please…

20110526_blog.google.wallet.png

OK, no points for naming creativity.  And truthfully this announcement has been expected, even talked about fairly openly by top Googlers such as Eric Schmidt, for some time.  Still, it pulls together several key techologies and components to build what could be a compelling system.

Pieces of the Google Wallet system worth noting:

  • Combines contactless payments, digital receipts, and offers at the point-of-sale (touche, Square?)
  • Designed as an open, NFC using PN65-based platform
  • Launch partners include Citi, MasterCard, FirstData, and Sprint
  • Google Offers can automagically sync into the consumer’s Google Wallet
  • There’s also built-in support for loyalty cards and gift card payments for participating merchants

Click here to read more about how the system works and here for more on the PN65 “secure element” chip and related security features.

Google also offered the following from several of its retail partners (click here to view the video on YouTube if the embedded version isn’t working correctly for you below):

Click here to read the complete post on the PayPal X Developer Network including discussion about the competition and Google’s plan for working around any vendor that choose not to participate (sneaky devils!).

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