Will Google be your next bank?

Google Wallet is a free digital wallet that securely stores your credit cards, debit cards, offers and more. With Google Wallet, you can shop in stores, buy online, and...

Snehal Fulzele 9th January 2014

Google Wallet is a free digital wallet that securely stores your credit cards, debit cards, offers and more. With Google Wallet, you can shop in stores, buy online, and send money. Google recently unveiled the Google Wallet Card – a physical card that consumers can use to pay for things in stores using their Google accounts. The card can be used across the U.S at thousands of merchants who accept MasterCard. Getting a card is also fairly simple and it is free.



Google WalletGoogle earlier had plans of offering a universal payment card that would essentially replace every other plastic credit or debit card you carried with its single card. You could control the source of funding on the fly, from directly within the Wallet mobile app. For now, these plans are scrapped. However, it may still be on the horizon as far as future of Google Wallet card is concerned. With the launch of this new physical card, Google has virtually negated the need for you to carry your bank issued debit or credit card, making payments simpler, efficient and friendly.


But all this is not to say that comes without any concerns. The overall perceived security threats in using mobile payments and mobile banking still remain at large. But we can certainly see the mobile banking trend picking up with many companies including the telecommunication companies working towards making it more secure and safer. Security experts feel there is a lot of potential with respect to advances in mobile banking security in the near future.  How far will Google actually go to take the place of bank in your financial life – is yet to be seen. For now, the banks can certainly learn a lesson or two from Google, perhaps in empowering their customers with more mobile services, such as activating their card using a mobile app and simplify their banking experience.



The question then really is, are the consumers ready to accept Google to be their next bank?

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