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The Evolution of the Credit Card… now on your Phone?

Well leave it to one of the most revolutionary companies to new delve into the world of credit cards. Google has now launched a new campaign called “Google Wallet“. The concept is that you manage all of your credit card information on your mobile, Android device, and can use it immediately to pay for e-commerce transactions, but wait… also normal every day payments at stores!

You must be asking yourself… “What? How? Why?” and the answer is… Android and Google Rocks!

On the how, the answer for those techies out there the concept is simple. You manage your information in their new “secure” application hosted on your Android device, and the device is capable of pulling the information in for e-commerce sites, but also will be able to interact via the standard wireless payment devices at brick and mortar companies.

So why? Well obviously to sustain Google’s model of ruling the world. But if you think about it a little more logically, it is again a simple concept. People, especially in the US, have more credit cards, gift cards, loyalty cards etc then they can carry. However, everyone carries a mobile device. So centralize the information, allow people to use it, and poof… no more wallet. As they say on your site (and actually thinking about it) “In the past few thousand years, the way we pay has changed just three times—from coins, to paper money, to plastic cards. Now we’re on the brink of the next big shift.” And they are right… it is a great concept.

Now, as usual with Google, this announcement doesn’t come without legal challenges. PayPal immediately filed a suit against Google, not for technology theft, but rather for trade secrets. According to the Search Engine Journal “PayPal is accusing Osama Bedier, previously an employee at PayPal, of having released trade secrets to Google” Now this could get tricky for Google, but with their backing, and probably some quick alignments with PayPal they will survive.

Now don’t worry, your credit card companies aren’t going to start sending you all kinds of information. The initial roll-out of this is focused on the Prepaid Google Card, and High-End Citi Bank cards. But look out… another revolution from Google is on its way!

Just another reason Google now holds the market on Operating systems for mobile devices!