Adapting to the mobile wallet | ACMA

Adapting to the mobile wallet

Google recently rolled out Google Wallet using a near-field communication (NFC) chip on its 4G smartphones. NFC is a technology that allows the transmission of data over short distances. Google Wallet is compatible with PayPass merchants so you can tap or wave your phone to make your payment anywhere PayPass is accepted. Yet to launch in Oz, we here at the ACMA are watching its success in the US market and what this might mean for our own use of the technology once it becomes available.

While security seems an obvious concern, the Google Wallet, much like a credit or debit card, requires a PIN to be entered before making a purchase. Google knowing what you buy also seems worrying; however, it doesn't record what you buy at the moment—only transactions via amount paid, location and date are viewable to the consumer.

There are more competitors entering this space including VISA Digital Wallet, Paypal Mobile, and possibly Apple.

While it's safe to say that most of us wouldn't leave the house without our mobile phone, it's another thing to suggest that the death of the wallet is here. The real-world testing phase for mobile wallets has just started and I anticipate we'll have a few more years before we bin the sturdy and sometimes bulky wallet to combine our fortune with our telephone—watch this space, I know I will be!

Dominique

Last updated: 20 May 2016