Google Unveils Google Wallet

Google has unveiled Google Wallet, an app that is aimed at turning users’ phones into their wallets. The company has partnered with Citi and MasterCard, but will no doubt make further partnerships in the future. 

Google Wallet could end up meaning big things for small businesses. 

"A key benefit to retailers will be the integration of coupons, or offers, into Google Wallet. We’ve been testing a variety of offers – from discounts directly within search ads to check-in offers to offers in Google Places," says Google’s Spencer Spinnell. "Over time, consumers will be able to save each of these offers directly to their Google Wallet. That means consumers will get the benefit of carrying their offers with them at all times, bringing retailers targeted foot traffic."

They’re starting with some big retailers, but I’m sure it’s only a matter of time until this becomes an option for any retailer who wants to use it. Google will want adoption to grow, and it’s going to have to compete against other other mobile payment providers. 

"We’re also working with leading retailers and point of sale systems companies to integrate Google Wallet into their physical store experience," says Spinnell. "Participating retailers include: American Eagle Outfitters, Bloomingdale’s, Champs Sports, The Container Store, Duane Reade, Einstein Bros. Bagels, Foot Locker, Guess, Jamba Juice, Macy’s, Noah’s Bagels, Peet’s Coffee & Tea, RadioShack, Subway, Toys“R”Us and Walgreens."

At first, Google Wallet will be compatible with over a hundred thousand merchants nationwide that are part of the MasterCard PayPass network, the company says.

The app is being field tested, and it will be available in the summer. 

More info about Google Wallet can be found here.