Last week, Google introduced its latest revolutionary product: Google Wallet. The project is still very much in the testing phase, but it could conceivably change the way that all of us do business.
Here's how it works: once you set up the software, you can make a payment with your phone (it looks like this is only for an Android phone at the moment). You do so by taping your phone against a card reader (just like scanning a credit card). The credit/debit card you set up on the Wallet will then be charged. Additionally, a merchant will have the option to give you special discounts or loyalty points - so, no more walking around with those key-ring discount cards! If someone stole your phone, fear not - a PIN number is still required.
At the moment, Google Wallet is in the testing phase, though you can type in your Zip Code and see where it is currently available.
There are plenty of ways that this can make life more convenient for a customer, but it does leave other questions for business owners. Businesses already get hit with credit card processing fees - do the exact same fees still apply here? How much will it cost to get the equipment set up? Will Google Wallet by compatible with the various other systems currently available?
These questions are all still largely unanswered since the technology is so new, but this does appear to be on the verge of becoming a big deal within the next few years. As a business owner, how might this affect you? Do you currently use any of this technology? Let us know in the comments!