Google Wallet turns your smartphone into a credit card

By , CardRatings contributor
  • Google +
  • Twitter
  • Facebook
credit cards

The credit card of the future is almost here, but it isn't a card - it's your phone. On May 26, Google performed a demo of its new payment application, Google Wallet, launching the first of what is sure to be many such payment applications for the iPhone and other smartphones. Google Wallet is scheduled to roll out this summer and is expected to be followed closely by similar apps from Apple, Microsoft, Nokia and others.

"In the past few thousand years," announces the Google Wallet website, "the way we pay has changed just three times - from coins, to paper money, to plastic cards. Now we're on the brink of the next big shift." In addition to fast, easy payments with the tap of a phone, Google Wallet also offers the opportunity to receive and automatically redeem special offers and deals akin to the best credit card rewards deals.

Despite excitement about such a revolutionary credit card payment initiative, The New York Times "Bits" blog pointed out many of the difficulties with this new technology, such as limited access to the applications (which can only run on certain phones), restrictions on which credit cards can be used, and the slowness of merchants to update their systems to determine who can receive smartphone payments.

Google Wallet is subject to all of these limitations: For now, at least, the app is available only for the Nexus S Android phone and can only be used for payment transactions charged to Citi MasterCard or a prepaid Google card. However, it can be used at any merchant that accepts payments on the PayPass system.

Despite the restrictions, Google Wallet marks a huge step forward for credit card payment accessibility, and is doubtless a step toward the future of payments, promotions and security.


0 Responses to "Google Wallet turns your smartphone into a credit card"

No Comments

Leave a Comment
About Our Ratings ×

Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another.

The ratings are the expert opinion of our editors, and not influenced by any remuneration this site may receive from card issuers.

Advertisers in our database are highlighted, and advertisements include an option to apply using links on our site. CardRatings.com may be compensated by companies mentioned on the site when a user's application is accepted or approved by such companies.

How do your cards stack up?

Compare your card starting here


Featured Partner Cards