Google Wallet: The Swiss Army Knife of Payments

December 5, 2024 by

Early adopters may have received a surprise in the mail this week. Google Wallet’s new feature, the Google Wallet debit/prepaid card has arrived.

Google Wallet, like a host of other mobile wallet offerings from the likes of Square, PayPal, Venmo, and Isis, allows the linking of debit and credit cards to one central mobile application for smartphones and devices. The payment details allow for in-store purchases through mobile by NFC (tap-to-pay), which was previously limited by mobile phone carriers T-Mobile, Verizon, and AT&T in favor of propping up their own Isis Mobile Wallet.

Through some crafty engineering, Android phones running the 4.4 version of the operating system can now pay by NFC (which was previously blocked) along with the more familiar card swipe.

What’s it like using Google Wallet?

Setting up a Wallet account takes less than 5 minutes. You create a security PIN, enter whatever credit, debit, or bank account you wish, and select one to be your primary method of payment for tap and pay.

In a brighter, more perfect world, you’d be able to use your phone to pay for everything by now. However, our world is full of darkness, suffering, credit card fees, and not to mention a lack of payment terminals with NFC support.

This is where the Wallet card comes in. The card is linked to your Google Wallet Balance, which is in turn funded by whatever you transfer from your credit card or bank account. Card transfers, up to a limit, have their fee waived, while bank account transfers are free. This also applies to person-to-person payments as well. The Wallet card is also technically not a replacement for your credit or debit cards, since in order to use it, you must transfer funds to the Wallet Balance.

The incentives here for consumers include new ways to manage money and to cut down on card clutter, as well as offers and loyalty rewards available for purchases using Google Wallet.

Sadly, the card can only be used in the U.S. since it’s based on old school mag-stripe. As for credit card a reward, which is a topic of obsession for many, they may not be available since Google, not your card issuer, carries out purchases made by the Wallet card. Rewards are up to card issuer’s discretion to give out. Loyalty and perks won’t be applied when you swipe, so you still need your phone to pick and choose when to use them on checkout.

Ultimately, Google Wallet is a streamlined and easy to use offering that gives the consumer a wealth of choice and flexibility in deciding what to pay with, when to pay, and who to pay.

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