Internet giant Google has recently announced its plans for Google Wallet, a mobile payment system integrated into individuals’ smartphones.
According to Nick Smith, the Benzinga staff writer who wrote about it in his article ”Why a New Google Product Should Have Credit Card Companies Worried”, Reuters reported that MasterCard is the partner-of-choice of Google., while Visa is also said to have also expressed interest.
With the new technology, consumers financial details can be synced into people’s mobiles. This has already been widely used in some Asian countries but is still yet to be introduced in the United States.
Concerns have been raised both by consumers and credit card companies. Security is the consumers’ concern while profits and customer loss are that of the card issuers. On the positive side, consumers will have more options and conveniences in terms of financial transactions.
Consumers can expect that Google and MasterCard will be spearheading this effort in the near future. Technology junkies and cashless payment adorers will be thrilled with this development.