Square has a serious rival and is backed by the internet giant Google . Google has a very catchy phrase
“In the past few thousand years, the way we pay has changed just three times—from coins, to paper money, to plastic cards.
Now we’re on the brink of the next big shift.”
Well the next change is here and was unveiled yesterday . Google will be teaming up with partners like the Citi Bank and the likes to create this new technology .Google Wallet as it is being called will enable a user with a Google Wallet app to just tap on a reader to make payments . This make use of the NFC chips .
Check the announcement made on their blog :
Today in our New York City office, along with Citi, MasterCard, First Data and Sprint, we gave a demo ofGoogle Wallet, an app that will make your phone your wallet. You’ll be able to tap, pay and save using your phone and near field communication (NFC). We’re field testing Google Wallet now and plan to release it soon.
Google Wallet is a key part of our ongoing effort to improve shopping for both businesses and consumers. It’s aimed at making it easier for you to pay for and save on the goods you want, while giving merchants more ways to offer coupons and loyalty programs to customers, as well as bridging the gap between online and offline commerce.
Because Google Wallet is a mobile app, it will do more than a regular wallet ever could. You’ll be able to store your credit cards, offers, loyalty cards and gift cards, but without the bulk. When you tap to pay, your phone will also automatically redeem offers and earn loyalty points for you. Someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.
Source : ( Official Google Blog )