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SOC: Google Wallet

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by

Selina K

on 7 March 2013

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Transcript of SOC: Google Wallet

Questions? Mobile Payment Industry Google Wallet Started in 2002, with MasterCard's creation of PayPass - tap system
Following this, Near Field Communications (NFC) became the technology used for this service Players in the Market Google Wallet works with NFC devices but also on regular web check out tabs to create a single wallet. Issuers and Providers Technologies Near Field Communication (NFC) is the most commonly used way to have touchless interactions, either between smartphones or between compatible device. Google Wallet Launched in September, 2011
A tap and go mobile payment system that stores all your cards in one place
Uses NFC chip technology
Multi-layered security system Prompt:
Payment networks versus Google: Who will be the winner of the smart-phone banking system? Easy to Set Up Google Wallet for Receivers Main Competition Main Components Mobile Payment System Requires: Google Wallet for Phones SD cards and Google Wallet Virtual Cards available for phones without NFC technology Today, NFC microchips are installed into many credit and debit cards and new smart phones are already contain the technology.
By 2015, it is projected that nearly 50 Percent of smart phones will be NFC capable, and the Mobile Payments will reach 670 Billion Dollars. Merchant Customer Exchange (MCX) is attempting to find a market in making mobile payment customer and merchant based, making for a more personalized experience, customized to the merchant. Isis Mobile Payments also works with NFC devices, with your current cards, but includes their own Isis Card as an additional payment method. Traditional technologies would be certain internet based payment options, like PayPal, or SMS text payment option. QR Codes are the popularized barcodes that are scannable by smartphones through their cameras and can transmit information quickly and automaticlly. Launched in October, 2012
Uses NFC chip for a tap and pay system
Service providers: AT&T, Verizon, T-Mobile Has not entered the market yet
Retailer led
Concept is that there will be no need for an NFC chip, can be used on virtually any smartphone Google has a Head Start Google Checkout (online only) in 2006 became Google Wallet in 2011
Google wallet is available in more than 500,000+ locations in the USA
Strong experience with smartphones
software: Android (since 2008)
hardware: Nexus lineup Google Customer Retention Google tops customer retention and brand loyalty lists:
Gmail (425 Million accounts)
YouTube (800 Million active users)
Google Docs, Google Calendar, Picasa, Google Finance...
Google Wallet!
People love Google Products
People trust Google Where can you use Google Wallet? Online:
A variety of online stores
Buy.com, TigerDirect, Armani Exchange...
Google Talk
Google Play
YouTube premium content
Google Shopping Express Conclusions People already have Google Accounts
Google has a head start and powerful partners
Google has experience working with smartphones
Google wallet enables in-store and online payments
500,000+ locations
Supported by NJ, L.A. government
Google is creating a huge centralized shopping ecosystem Offline:
Over 500,000+ locations today
Coca Cola, Macy's, BP, CVS, Bloomingdales...
Government: NJ Transit, Los Angeles County Transit A customer with a Phone that includes an NFC Chip Merchants need a NFC Receiver Prominence of Pay Pass VeriFone, an international producer and designer of electronic payment solutions, is compatible with Google and already used by many stores
Cheap NCF & Card Receiver: As low as $400
NCF add-ons to VeriFone pay: $150 Acquisition of Bufferbox Nexus 4, Galaxy Nexus, LG Viper, LG Optimus, HTC EVO, Samsung Galaxy, Nexus 7, Nexus 10 The NFC Technology is already in use and gaining popularity
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