Mindshare: The Coming Growth of Mobile Wallets

Google is currently piloting a new mobile payments app called Hands Free Hereamp8217s how it works After downloading the app use it to upload both your credit card info and a picture of yourself The app then uses Bluetooth WiFiamp160and other location services on your phone to detect whether or not youamp8217re near a participating store If youamp8217re in a store that uses Hands Free then instead of taking out your wallet or your phone you say amp8220Iamp8217ll pay with Googleamp8221 The cashier will ask for your initials and confirm your identity based on the photo youamp8217d uploadedWhether or not this app specifically takes off remains to be seen But it follows the larger trends that Mindshare is seeing around the changing world of commerce More and more consumers are getting comfortable using their phones to pay or shop And they want quick easy ways to do it For example users of the mobile messaging app WeChat have been sending each other money through the app There were billions of dollars in transactions sent during the month of January aloneIn fact weamp8217re predicting a big increase in the adoption of mobile wallets overall especially because merchants are now required to use the chip system where consumers dip their credit cards and wait With convenience and speed being top priorities for consumers it seems like people will be more open to faster mobile methods insteadThe opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated bloggers

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Mindshare: The Coming Growth of Mobile Wallets

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