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Consumers slow to adopt NFC payments, Google Wallet

March 22, 2012

Google recently announced that it may be rethinking the strategy for its digital wallet after disappointing adoption rates.

Google recently announced that it may be rethinking the strategy for its digital wallet after disappointing adoption rates. So far, between 50,000 and 100,000 consumers have downloaded the mobile application but few are actually using it. 

“We continue to work hard to develop Google Wallet and build the partner ecosystem to make it possible for everyone to pay with their phones and get great deals while shopping,” said Nate Tyler, a spokesman for the Mountain View, California-based company.

Pinkberry recently partnered with the company, adding to the list of retailers that have already installed a near field communication-capable credit card terminal, including Macy’s, American Eagle Outfitters and Subway. Once the technology becomes more widely available in mobile devices, consumers will be able to use it for mobile credit card processing. Instead of swiping a plastic card at a store, they will be able to pass their smartphone over a reader to complete the transaction wirelessly.

Unfortunately, the technology might still be a few years out. In a recent Sybase 365 survey, 81 percent of mobile industry leaders said it will probably take between two and five years for the innovation to be widely used.

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