Everyone agree that the mobile money idea that has thrived in the Kenyan market has been a huge success.
If in doubt, check out how much money was transferred via M-Pesa in Safaricom’s 2010 – 2011 financial year analysis.
Well, Google have gone a step further.
Be ready for Google Wallet.
Google Wallet is an initiative that will enable on to make on-site payments using their Android phone by integrating a technology called NFC (Near Field Communication).
All you need to do is open up the App on your Android Phone, enter the PIN, choose the credit card to be billed to and wave the phone in front of an NFC chip reader located at the cashier’s till and VOILA! Payment made.
Unfortunately the only card supported for now is MasterCard although knowing Google and their open-source techniques; many will come out and provide solutions for this for all the credit and debit cards in the market.
One more thing; Google will charge nothing for this transaction and this guarantees it will be a hit. This though means that Google will bear the struggle of having the partners like stores and shops on board and the only fee charged will be for your card.
Google being the genius team they are though will activate Group-On services on this concept and this will definitely be their cash cow. This group-on service dubbed Google Offers will work in the ‘offer of the day deal’ (much like Rupu I would like to assume) and this will be paid for using their NFC payment system.