by Bill Hardekopf, CEO of LowCards.com
Domino's Pizza is now accepting payment via Google Wallet. You can pay for your
pizza with your Android app. That might not sound like big news but it
signals a significant move in the battle for how you make your
Google has started to roll out a service that allows Gmail
users to send money to anybody they desire. When you sign up for this feature,
you become part of Google Wallet, and Google will have indirect access to your
bank account and credit card information.
With approximately 500 millions
users, Gmail has about the same number of users as Facebook. But Google has the
ability to put a "Pay Now" button on YouTube, Google Maps or Google News,
similar to what PayPal currently does. If you login to Google and have a Google
Wallet account, then you could purchase things with one click if the site is set
up for Google Wallet.
The way you make transactions in the future is
shaping up as a huge three-way battle between PayPal, Google Wallet and Apple.
You store your bank and credit card information with these systems, and then
really never have to deal with the account information again. If you are on a
website and want to pay for something, you simply click the PayPal, Google or
Apple button, and you are done.
Apple and Google may eventually be the
leaders with the way they have developed their smartphone operating systems, iOS
and Android. Your phone becomes your wallet and has all your bank and credit
card information securely stored in it. You just wave your smartphone at the
register and verify it in some way (possibly a fingerprint scan?) and the
transaction is complete.
Moves toward this new type of system have been
taking place for some time. But with the addition of new merchant partners to
Google Wallet and the invention of the cash transfer system with Gmail, the
giants are stepping up the battle for your transactions.
Hardekopf is CEO of LowCards.com, a site that simplifies the confusion of shopping for credit cards.
It is a free, independent website that helps consumers easily compare credit
cards in a variety of categories such as lowest rates, rewards, rebates, balance
transfers and lowest introductory rates.