To most people Google Wallet is still one of those things that people talk about being “the future”, but right now is nothing more than an ambiguous, passing curiosity. This could be for a slew of reasons, amongst which is that, until recently, Google Wallet has lacked support for most major credit and debit cards.
The good news is that Google Wallet now offers support for most of the big names in electronic payment, allowing far greater support than ever before. It’s a big deal for both Google and consumers, as it’s a solid step in the direction of actually replacing the personal wallet, something that is Google’s ultimate goal with Google Wallet.
Another smart move is that your credit card information will now be stored on the cloud, rather than on the hard drive of individual devices. It might not sound so great at first, but once you stop and think about it it’s much better than relying on local storage.
A cloud-based service means that if you lose your phone you can immediately log on to your Google Wallet account and remove that device’s access to your account, effectively cutting off any would-be wrong-doers from taking your hard earned money. It also means that when you get a new device that you can simply log in and activate, rather than going through the process of signing all of your cards up to yet another handset.
Both of these changes are a good indicator that Google is taking Google Wallet very seriously. Of course it’s obvious that major card support is what Google was always after, so it’s not really to their credit that this change happened but rather to the credit of the card companies themselves.
However, the new cloud storage system should go a long way to convincing people that Google Wallet can actually be not only a viable, but a safe alternative to traditional credit cards. After all, if I lose my wallet I’d have to go in to a bank to cancel my credit cards. If I lose my phone I can simply log on and do it myself the instant I get to a computer with no waiting in line or travelling long distances.
Obviously a world where smartphones replace wallets entirely is still a long way off, if it’s ever to exist at all. Especially considering the extremely limited device compatibility that Google Wallet currently enjoys. But for the first time we’re really starting to think that Google Wallet might eventually be what Google’s been hoping for all along. Of course we’re expecting to see competing services crop up, especially with the new iPhone on the horizon, but that’s OK too. After all, more competition means more choices and when there’s more choices the customer always wins.
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