Tuesday, September 20, 2011

Google Wallet...Know What Google Should Do Next?

The launch of Google Wallet will be very disruptive and should have a couple industry leaders concerned. Do you know what they should do now?

The ability to make purchases using the credit cards in/on your mobile phone opens up a big window for Google. This app enables Google to make the leap from the PC to the mobile device and will provide an enormous amount of data for ads.

In addition, getting daily Google Offers (Groupons) sent to your phone and being able to buy them just by swiping your phone at the retailer just shut out Groupon and all of the other group buying players.

When Amazon launches their tablet later this year and pushes their daily deals that will be big too, but the mobile phone is a lot easier to carry with you than a tablet.

Ok here's what Google should do. Because people are going to be hesitant to use their phone for credit card purchases, I imagine the idea of using a prepaid card, like Google already has, will be enticing. This will let consumers try out the Google Wallet without exposing all of their financial data at once.

I think the Google Prepaid Card will be a hit. But why should Google let other credit card companies fund this credit card? The money is in financing charges and transactions. Google also gets the data from your purchases too. Google has already established the infrastructure with the NFC platform so getting merchants on board is done.

With the money Google has, why can't they start their own credit card company?

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