Google launched its ‘Google Wallet’ that will become the future payment engine. This will surely make Android phones more popular in the near future. Immediately, NXP came out and told the world that it is its chip and technology that are powering this hot mobile payment idea. In the U.S., Google and the hosts of First Data, Mastercard, Citi and Sprint plan to get this Wallet into the market before the end of summer. This product will offer newer options with Citi getting a good one through its PayPass Citi Mastercard brand. It will also work for the Google prepaid card.
The telecommunication company, Sprint, gets into the loop simply because the Nexus S 4G will run on Sprint Network and the first release of the Wallet will be on Sprint.
Have you counted how one product is creating opportunities for a bank, ICT firm, card company, telecommunication company? And yes, the chip supplier. There are many other companies that are behind this vision through supply chain, distribution, marketing and so on. That is what technology does – it could change an economy.
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The Wallet will be powered by of one the hottest technologies right now. The Near Field Communication (NFC). That means all you need is to tap your phone on the PayPass terminal and that is all for making a payment. By tapping the phone on the approved and enabled terminal, you have paid and checkout is completed for your transaction in a supermarket, mall, etc. The days of credit card swipe for payment could be coming close to becoming history.
We are fascinated that NXP could produce this technology. In a company statement after the launch, they stated thus:
With NXP’s secure contactless NFC solution, consumers can simply wave their phones over intelligent surfaces to pay for goods, apply a discount coupon, or receive loyalty points
NXP has been moving fast into this domain. Recently, it has started developing varieties of Android based devices with medical applications. If this turns out to be true since Google did not confirm, it simply means that NXP NFC business unit could be really hot in coming quarters. Google Wallet is expected to bulldoze itself into the top of the market. One hopes that Square will not put itself for sale immediately.
Nigeria can see what technology does. It creates great opportunities. We think now is the time to create that environment to enable tech companies to succeed. They can help expand our GDP and diversify our economy away from minerals and hydrocarbon.