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Google Going into Banking?

Mobile Commerce Insider Featured Article

November 07, 2012

Google Going into Banking?

By Brittany Walters-Bearden
TMCnet Contributor

The world’s fastest growing conglomerate, Google (News - Alert), may be adding a type of banking service to its already long list of services that far surpasses its original status as a search engine. The highly popular Google Wallet is causing the company to consider issuing a plastic card to go along with their Wallet service.

The new card will be directly linked to the customers Google Wallet account and will look the same as a bank debit card. With their card, customers can make payments, deposits, and make money transfers. When using Google Wallet on a smartphone, Google automatically keeps track of purchases and the data involved when Wallet is used; just like a normal bank-issued debit card.

Near Field Communication (NFC) is the new technology that allows for certain smartphones to act as a credit card. Smartphones can be used with places that have a NFC reader and the new plastic-type card can be used in the places that do not have a reader. This type of payment system from Google was made available in the second quarter of last year in conjunction with MasterCard, Citigroup, and Sprint (News - Alert). Presently, more than 100,000 stores accept NFC payments and it is available on 10 different smartphone models.

Due to the limited number of smartphones that have NFC capability, Google Wallet is only being used by a small group of users. Among those users, it is extremely popular and there are other countries around the world that have similar systems, where it is also popular.

With this new technology and the popularity amongst users, it is virtually guaranteed that NFC chips will become a normal part of future smartphones. Google Wallet has the potential of becoming an everyday app that everyone will want and use.

Edited by Brooke Neuman

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