A Wallet for Tomorrow, TodayEd McLaughlin | May 25, 2011
Are you one of those people with a wallet full of cards, or worse full of cash? Well, now there is good reason to say goodbye to it.
Google Wallet is not a simple replacement of an ordinary wallet, but an example of the wallet of the future. It enables you to pay for items by simply tapping your mobile phone – and it has the same safety, security, and convenience associated with any MasterCard. At the heart of the Google Wallet is MasterCard’s industry-leading contactless PayPass technology that enables speed and convenience and it can be funded by any Citi MasterCard or a virtual Google prepaid card.
As we all know, our mobile phones are fast becoming our lifestyle companions; research shows more people will forget their wallets (and probably keys, IDs, etc…) before they forget their mobile phones. But what makes this wallet so unique is that it’s combining MasterCard’s NFC payment technology (PayPass) with Google Nexus 4G, available on Sprint, and location based offers – it’s putting the wallet in a single app on your mobile phone.
For over a decade, MasterCard has led the transformation of mobile phones into secure mobile payment devices; we have pioneered the development of unique mobile information services to facilitate and promote commerce; and we continue to be a champion of global mobile payment standards. MasterCard PayPass, first piloted in 2002, has more than 144,000 locations in the US and over 311,000 locations worldwide. Many consumers know the benefits of PayPass – speed, convenience and security, this takes PayPass to the next level by giving the consumer a personalized and enhanced mobile experience.
We hope you’re as excited about this wallet as it is truly the first time consumers can have the wallet of future, right now. Feel free to drop us a note in the comments section to let us know your thoughts. Are you ready to get rid of your wallet?