You must have heard about the Google Wallet. This android application turns your phone into a wallet by storing virtual versions of your existing plastic cards and forever change the way you shop. To make the payments, you just have to tap your phone on the Google wallet reader, and bingo—you have paid!
This exciting application will definitely change the way we use our money. It will bring in changes which will be the trends of the future.
- Internet banking is already a reality. Google wallet will enable further inroads and people will bank online more.
- This application in the future will do away with the ATMs and even bank branches to a certain extent. Just imagine the amount of money that the financial intuitions can save by reducing their infrastructure and manpower.
- E-commerce will be on the high, as more people will hit the online stores.
- It will make cash redundant and the plastic cards obsolete.
- We do not have to run to banks for making demand drafts, money orders etc; we can use our phone to transfer money.
- Banks will no longer be able to dictate us; we (the consumers) will dictate the banks.
There will definitely be numerous benefits. Feel free to chip in with your thoughts on how this application can change the way we do business.
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