Google Wallet was once considered to be the only potential competition for the Paypal system. While that is still the case, Google has recently unveiled several changes in an effort to win the war that is currently rocking the online world in regards to digital wallets. While the idea of making purchases online with your credit card is nothing new, the ability to do so in a secure and fast method is still evolving within the consumer world.
The change in the system works in a way that users who own a smartphone that have a special computer chip can simply load a credit card or debit card directly into their phone app, and then make purchases directly from their phone. Normally, in the case of both the old Google Wallets system and Paypal’s current system, users had to go through several verifications in order to secure their credit card number as their own, while avoiding the potential threats that come from credit card fraud, which has run rampant throughout the world of online purchasing.
The original intention was for Google to work directly with the banks that often provide credit and debit cards to consumers. When it was released, buyers were able to load money directly into their Google Wallet and then make purchases on sites that accepted that form of payment. Over the last few years, those behind the application have realized that this Paypal-like plan was simply insufficient, especially if Google was to move ahead in the digital purchasing world without other competition getting ahead of them. One the retailer side, those wanting to get a piece of the action from what Google Wallet has always had to offer will still need to enroll in the program, with no changes expected for them in the near future.
This plan has several implications that could come with it. Naturally, the smartphone chip that’s required to insure such security with this method is going to put Google’s Android at the forefront of the plans for Google Wallet. While this could certainly boost the sale of Android phones worldwide, those who are loyal to the iPhone are going to find it difficult to make such a change. While the move does make things easier for Google Wallet to gain popularity faster than their original plans, we’ll still see a bit of pushback as the new format unveils itself in the coming weeks.