The future of commerce is here…

Google Wallet, for those of you who haven’t seen it yet, is a mobile app that acts as your wallet. While the app is still in somewhat of a testing phase, it has got both consumers and businesses very excited. The idea is that the app will store your credit cards, offers, loyalty cards and gift cards but without all the bulk that comes traditionally with carrying these things.
Most promising though is the tap and pay feature that uses Near Field Communication (NFC) to let shoppers easily pay for goods and services with a tap of the phone. NFC is a form of wireless data transfer over short (up to 4-inch) distances, which could be used to make purchases with a mobile device. Currently, you’ll be able to tap your phone to pay wherever Mastercard PayPass is accepted. Merchants will also be able to integrate their offers and loyalty programs into Google Wallet, that can automatically sync and be redeemed via NFC, so that it couldn’t be easier for their customers to be rewarded.
The possibilities don’t stop there however. Google Wallet may someday even store things like boarding passes, tickets, ID and keys and any other information that will improve business and consumer interactions. Because Google Wallet is a mobile app, it will do more than a regular wallet ever could. NFC is bridging the gap between online and offline commerce and is facilitating of how we will pay for things in the future and use our smart phones for all types of interactions.
To learn more please visit the Google Wallet website at www.google.com/wallet.
What about the iPhone and iPad?
According to Richard Doherty, director of the consulting firm Envisioneering Group, Apple will also be adding NFC capabilities to its next generation of iPhone and iPad.
Apparently, Apple intend to tie the technology with customers’ iTunes account and, like Google Wallet, make purchases as easy as swiping your phone over a specifically designed sticker or payment terminal with the familiar concept of loyalty credits and points too.
Apple has already designed a prototype payment terminal, which may be heavily subsidised or even given away to small businesses, jump starting the service.
According to Doherty, Apple is thinking of starting a mobile payment service as early as mid-2011,
The journey toward a future of mobile commerce has only just started and we’re excited!









