The Progression and Technology of the Google Wallet
The Progression and Technology of the Google Wallet:In current years, there has been rising enthusiasm concerning mobile payment and commerce that enable consumers to purchase through passing their phone near a point of sale terminal. There are several reasons why mobile commerce has grown so much attention. Firstly, there are about about 5.3 billion active mobile phone accounts and 1.3 billion active debit and credit accounts in the world today1. The possibility of Payment-enabled mobile phones has outnumbered traditional card-based payment accounts. In addition to providing consumers with a novel way to make payments, mobile devices characterize a new channel for financial institutions and merchants to communicate and transact with their customers because mobile devices are connected to send and receive information, run specialty applications.
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On the side of businesses, Google Wallet enables businesses to reinforce their customer relationship by offering easier, faster shopping with pertinent discounts and loyalty gifts. The cloud aspect enables businesses provide consumers the freedom to include any payment cards through a linked proxy card offered by Google. Additionally, it provides provides customers an easy way of storing, paying, and redeeming coupons, and collecting loyalty points in a single device. Merchants can benefit from the opportunity to connect with their customers in innovative ways and deliver directly targeted offers into the phone. Additionally, they can deploy in-store posters that consumers can ‘tap’ through their NFC-enabled mobile devices phones to access offers and information.
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Crowe, M., Rysman, M., and Stavins, J. (2010). Mobile Payments in the United States at Retail Point of Sale!: Current Market and Future Prospects, (10), 1-39.
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