Digital Marketing News - Make Payments Easily With Google Wallet

Google Wallet is a new product, which is currently being developed by Google. It will enable users to make payments with their mobile phones. With the announcement of this new digital marketing product, Google has introduced a major threat to retail banking institutions, located in various countries all over the world. Google Wallet is expected to offer potential customers a high amount of convenience, choice and transparency; helping them make more informed buying decisions. According to various digital marketing researchers, this will result in increased pressure on various retail banking products.

Solutions for mobile payment success

It is important to start small, and gradually begin to increase your digital marketing offerings, as your customers become more familiar with the technology. Avoid selling a wide range of products on launch, as this may be a bit of an overload for the customer.

Google Wallet's go-to-market digital marketing strategy does exactly that by aiming to solidify the mobile payment experience. Initially, Google will help consumers get familiar with NFC payments, by using two concepts that are already available in the market:

. Google prepaid card - Just like the Starbucks' mobile payment app, which allows consumers to use their iPhone as a virtual prepaid card to make purchases, the Google prepaid card would act as middleman for digital marketing payments. This is better than directly linking and storing the payment information of customers on the phone, as the theft or loss of a phone may result in fraud.

. Mastercard PayPass - This is a payment method, with a concept that is similar to today's magnetic strips. It makes checkout easier as no swipes or signature is required. Google Wallet has extended the current RFID capability in the POS hardware, by trading card waves for phone waves. Businesses that currently accept PayPass, will also be able to enable the Google Wallet system in their establishments, as no minimal additional investment on infrastructure or hardware is required.

After Google builds user confidence on the core payment system of Google Wallet, the search engine giant will be able to launch other digital marketing features, such as coupons and loyalty programmes. With the launch of 'Google Deals', many digital marketing pundits predict that mobile couponing will be the first step that Google will take, to get consumers to adopt Google Wallet.

Qudos Digital is a leading digital marketing agency and can be contacted on 020 8891 2077 or info@qudosdigital.co.uk.

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