Following is a guest post by  Derrick Cruise  from www.technected.com.If you want to write guest posts for us do read our write for us page.

Address books, music players and cameras have all been replaced by the mobile phone’s versatility. It seems that more of our necessity’s can be kept on our cell phones. So it makes sense that Google would come out with another product that would lessen our loads. Google Wallet is the newest attempt at taking one more thing out of our purses—the wallet.

Currently Google Wallet only works with Citi MasterCard, so only those customers can create a virtual version of their credit card on their phone. Other customers can load a Google Prepaid Card and add funds with an existing credit card. MasterCard paypasses are already at thousands of businesses around the country and Google Wallet works with the same tap-and-go system. Users simply hold their phone up to the MasterCard paypass and a simple tap syncs the two. The information is transferred using Near Field Communication or NFC.

The Wallet also holds deals, loyalty cards and a short spending history. If someone purchases a Google Offer it can be used when the user syncs in at that store or when the user shows the barcode to the cashier. Offers come to users based on their interests. If someone were to Google “home organization” on their phone a Google Offer for the Container Store, a Google ally and paypass user, could come up. This will surely funnel Wallet costumers their way and cause more stores to adapt the technology.

Google pushes security, a necessary point when people’s money is at stake. Because Google Wallet is sealed by a PIN number, Google feels it is even more secure than an actual wallet. If someone stole your phone they would not be able to access Google Wallet but if someone stole you wallet, they could easily take your cash or credit cards.

Just recently innovations like QR codes and text marketing revolutionized cell phone marketing. This seems like the next big marketing/finance step in phone technology. People have gotten used to banking on their phones, even ordering things with their phones but physically using your phone to pay is a new direction. The cell phone is completely ubiquitous in our society. Additionally, the innovation of increasingly chunky phones makes for little pocket room. Many people grab their debit card and pitch their billfolds anyway.

Possibly the most interesting thing about this roll-out, is the platform. Google Wallet is only available on the Nexus S smartphone. With the force that Google generally brings to their projects many would think that other phone platforms would be jumping at what is sure to be a technological success. However, Apple Inc. and Google are huge competitors and a collaboration is most likely not in the cards. It will be interesting to see how Google Wallet affects phone sales, as well as interaction with credit card companies and retailers.

Google’s Wallet crosses boundaries and industries. This technology will certainly be a force in shopping, security and convenience.

[Image credit-http://www.flickr.com/photos/22359977@N03/4342053930/]

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Tagged in: Google • google wallet • nexus s • technology • text marketing

Written by Derrick Cruise

I enjoy anything related to technology, hence my blog technected. I.T. isn't just a day job. It's a way of life!

Derrick has written a total of 2 articles.