Google on Monday launched its Google Wallet effort complete with deals with Visa, Discover and American Express. Sprint will be the first to offer Google Wallet on a device.
However, this first Google Wallet wave isn't much to see despite an initial splash. Citi and Mastercard are launch partners, but it won't be clear whether Google Wallet has mobile payment chops until it's more broadly available. Today, American Eagle Outfitters, the Container Store, Macy's, Foot Locker and Subway are the largest outlets accepting Google Wallet.
Partnerships with Visa, Discover and American Express only mean that they will be available on "future versions of Google Wallet." In other words, Google Wallet won't mean much to you unless you have a Sprint Nexus S and a Citi Mastercard.
Until you can put all your cards on Google Wallet, adoption will be light and limited to early adopters.
As noted previously, established financial players will be in the mobile payment driver's seat until proven otherwise. Why? The trust factor. Consumers are used to working with their banks as well as established credit card players. Google has plenty of trust, but perhaps not enough to hold your financial life.
- Mobile wallet wars: Bet on the established financial, billing players
- Mobile providers infuse $100 million into Isis payment platform
- PayPal offers sneak peek of upcoming virtual wallet offering
- Mastercard shows off mobile payments
- Would you trust Google with your wallet?
- Visa uses carrots, sticks to boost mobile payment adoption
- Top 10 questions Google must answer before launching Wallet
- PayPal sues Google over mobile plans, trade secrets
- Visa responds to Google Wallet with NFC mobile payment plan of its own
- Google Wallet NFC payment program, Google Offers announced
- Google wants to revolutionize shopping (photos)
- Google Wallet: Handicapping why it will (and won’t) work