How Google Wallet Will Save You Money

Google announced its new mobile payments system back in May 2011 but aside from those in the know it didn’t ruffle too many feathers or cause too much hype.

This week, though, the technology has followed the usual path of all things Google-related and caused a commotion. But, although only US users will be benefiting from the service so far, widespread NFC payments aren’t so far away.

But getting rid of wallets could be more than a space-saver – hopefully it’ll really allow consumers to save money. Hit up the article below to find out how NFC payments can help users save money and whilst your at it, be sure to check out our article on whether NFC payments will make us less secure.

More than just a credit card

The mobile payment system finally launched in the US this week after a trial period, and it seems that it is much more than just a credit card inside your mobile phone – it could actually help consumers save money.

Adding on extra bits of software could help users to track their spending, integrate with social media and automatically use or gain rewards and discounts has the potential to really change the way users pay.

China’s Facebook RenRen already has a linked credit card that stores information on purchases to help consumers keep track of stores. And vice versa. Payment by smartphone will make deals like that a lot simpler and more effective.

Curbs unnecessary spending

Early on, though, software is helping consumers with something much more basic: curbing unnecessary spending.

The MasterCard app for the Google Wallet does provide plenty of options to help you stop spending; for example it allows you to set spending limits, put blocks on certain categories such as entertainment, receive alerts for any overseas spending and much more.

PayPal offers similar methods to save money, although in their case you have to spend first.

More educational

Google Wallet isn’t all about stopping you spending, though. It allows buyers to be more fiscally responsible without forcing anyone to do anything they don’t want to.

The mobile payment app offers much more than a plastic credit card, as MasterCard has managed to implement the same movement technology used in the Xbox Kinect.

It is thought that by holding their smartphones over an item consumers will be able to learn about it before you purchase it on your screen. This would allow buyers to research a product and decide if they really want it before handing over any cash – perhaps cutting down on impulse purchases.

This is a guest post from consumer site Choose. The site helps consumers compare credit cards.