Will Google Wallet Ignite mPayments? PYMNTS Readers Weigh In

Google’s announcement of its NFC-mobile payments scheme last month sparked intense interest from payments pundits. But will the Google Wallet do the same for merchants and consumers? Check out the PYMNTS.com community commentary and feel to “cash in” on the conversation, too!  

Commentary: “Googling” mPayments Ignition? Why Google’s Wallet May Be the Top Search Result

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“Of course, the Google Wallet changes everything. In order to compete in the U.S. market, any retail-based mobile wallet now has to be free for the consumer. Google’s wallet will be accepted where ever PayPass is accepted, so Google has an instant footprint on Day 1. Google is now the front runner, and now ISIS, Apple, and RIM now have to catch up.” – Bruce Hopkins

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“eBay and PayPal file suit. What is it they say about publicity? Even bad publicity is good.” – Alan Burrows

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“Google is emerging as the ‘neutral’ third party that folks were looking for (in this case, neutral=makes money in a different way than I do). We’ll see if their consumer value proposition is strong enough to be materially better than existing cards etc. So far, looking better than most.” – Mike Garelik

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“Have to say no. The tech is cool and will generate buzz. From a customer standpoint, however, the ‘what’s in it for me’ isn’t well communicated or clear. I think that can/will be overcome, but it will take time.” – Greg Beck

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“Google’s approach is smart – integrating promotional strategies with payments is the right place to be and doing it using existing networks and consumer habits is also a good move.” Harold Montgomery

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“If they can help merchants better target merchant spend on marketing, that could be a great win for the merchant community. Google has proved adept at placing the right information in front of consumer online, if they can bridge the gap and close the loop to the point of sale with real time. Redemption, that’s valuable to retailers.” – George Zirkel

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“This move is another sign of fragmentation at the retail level, and that can only hurt profitability for everyone. Google is not a compelling brand, and once they are, then the regulatory agencies will move quickly to ensure that they do not finance themselves on float without becoming a bank. I wouldn’t get too excited just yet. And now there is the PayPal angle to make it more.” Bob Blower

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“I think it will ignite the platform within a select group of technology comfortable consumers. However, the barriers to wider adoption will still remain. The barriers, in my view, would be educating the public, breaking payment habits and wide-based merchant adoption (national, regional and local). There are certainly tremendous potential benefits and positive externalities that will spin off from this platform, and I’m looking forward to those innovations and their impact on the industry.” – Daniel Schwartz

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“I have major concerns on the solution required PIN entry every transaction – hardly the idea of contactless, meant to be faster and data-stored on the phone will cause security concerns with consumers – perception is reality!!” – David Parker

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“Google did not pretend to know or fully understand the payments business (which is rather complex and demands a steam cost of market entry). Instead, it surrounded itself with parties that do have extensive expertise in payments by partnering with different players including card issuers, processors and multiple POS hardware manufactures. The fact that none of these parties gained exclusivity to participate in Google Wallet tells you right there that Google had a solid and well thought-out “ignition plan” in place prior to the announcement.” – Svy Nekrasas