Google’s recent announcement that it is preparing to release a new version of its Wallet application may make credit card mobile processing easier for many consumers.
The head of the company’s wallet and payments division, Osama Bedier, briefly discussed the updated app at the recent Money2020 trade show in Las Vegas, saying it is a constantly evolving process.
According to DigitalTransactions.net, Bedier did not offer specifics about the changes being made to the system. However, he did say that Google will continue to balance its dependence on near-field communications technology (NFC) with the use of cloud configuration.
NFCNews.com reports that using an NFC-based system requires merchants to install new hardware in the form of both handsets and point-of-sale (POS) terminals – costs that many are not willing to incur yet.
Google Wallet allows users to save credit card accounts on their mobile devices to make payment easier. Bedier says the challenge has been creating a system that pleases everyone – consumers, merchants and mobile operators.
Google isn’t the only virtual wallet application currently on the market in the United States. Others include ISIS’ Mobile Wallet and Merchant Customer Exchange.