Google is bringing new features to their mobile wallet product in the coming months. The company recently launched their Google Wallet platform for NFC-enabled smart phones, hoping to lead the charge toward mobile commerce. Google hopes to entice mobile consumers to adopt their financial tool over those offered by competitors by presenting them with a sleuth of discounts and coupons. This new feature will be called SingleTap, and signals a partnership between Google and several retail companies to bring discounts to consumers.
Google’s Wallet uses NFC technology to transform a smart phone into a mobile payment device by storing and utilizing its owner’s financial information in much the same way a debit or credit card does. This enables consumers to wave or tap their phone at an NFC terminal to conduct transactions. Google is one of the first to launch such a product, but has since been met with staunch competition from telecommunications companies and financial institutions. The company hopes that by expanding the features of their product they will be able to win favor with consumers.
Thus far, Google has partnered with retailers Macy’s, Bloomingdale’s, American Eagle Outfitters, Guess and others to make the SIngleTap feature possible. Mobile purchases at these retailers will afford reward consumers with discounts and electronic coupons that can be used at other stores. While SingleTap can be used to make purchases at stores outside of the partnership, consumers will not receive any benefit for doing so.
