Could Google Wallet be the Next Big Thing in Shopping?

Google recently unveiled Google Wallet, an application for Android as an aim to replace our wallets with our phones, making use of Near Field Communication. Further, it will be synced with Google Offers that means every offer and loyalty point will be redeemed automatically with a single tap via NFC.

NFC payment indeed sounds cool and with Google’s services merged in, it would be an amazing technology. Could this be the next big thing in shopping? My answer is Yes! Here’s what I think:

The Future of NFC Shopping?

Do watch this video (above), which was posted by Google UK as its vision of World 2121. At 0:41, 0:56, 1:07, 1:28 you can see how Google Wallet aims to revolutionize the way we shop, we check-in and lots more.

Think of it. I go to a store, choose a shirt, take my phone out, tap it on the reader to pay for it and finally leave the store with my shirt. Further, I get a discount of 95% for using Google Offers. (95% eh? Sounds too much but that’s just for an idea.)

Uh, and not to forget few puzzled persons trying to think what did I just do.

Right now, only Credit cards can be synced with Google Wallet. But in the future, we can expect airplane & subway tickets, room keys etc also to be included.

Frankly, I’m a Mobile Potato (IDK if there’s a word like that?) and the convenience of leaving my wallet at home obviously attracts me.

Phonescoop has a video demonstration of Google Wallet with a vending machine. Watch it here.

The Hurdles

Upto here, everything written above sounds like a charm. But the real problem starts here:

1. How will it reach to the masses?

Currently, Google Wallet only supports Nexus S 4G. NFC payments with Google Wallet can only become a popular thing until it reaches to all phones running Gingerbread and all the major OS like iOS.

Further, it is only supported by 20 shopping locations like Subway, Radioshack, Coca Cola etc, that too only in the USA. I live in India and this means, right now, its un-usable for me.

Although it’ll take some time to reach other countries, I believe that if it gets some good momentum then Plastic Cards may become obsolete.

2. Will it be Secure?

It is a million dollar question. Will it be secure? A single flaw in its code will give hackers access to millions of dollars. Well, I can’t say anything on it but it should be Google’s first priority.