Is “Google Wallets’ The Next Big Thing in Banking?

Google Wallet

IMG: via Google

Google Inc has come out with Google Wallets, a prepaid debit card that allows users to purchase goods and withdraw cash from ATMs. So far, the card is only available in the United States. The nice thing about Google Wallets is that it comes with a smartphone app, so users are able to check their balance and transfer money to each other. This integration also includes notifications on your phone after using the card.

According to a report in Businessweek earlier this year, the company has spent around $300 million on the development of Google Wallet. However, so far the product hasn’t gained a ton of popularity.

“The [updated] app will be rolling out to Android users this week, which has the option to order the card,” a Google spokesperson told Mashable. “Or users can order the card directly in their Wallet account now.”

A Google spokeswomen confirmed that Google can use data about transactions made with the new Wallet card to target ads for customers.

Users can add money to their Google Wallet Card by linking it to a bank account or another user can add money to their account, according to Google. The card can be ordered online on Wednesday, and takes about 10 to 12 days to arrive.

If the Google Wallet takes off, this would be a quick and easy way to pay friends back, transfer money to your partner, and more. Do you think Google Wallets will take off, or is it a dead end?

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About DevonJ140
I am currently an Accounting Director living in New York City. I love reading and learning more about business, finance, tech, and current events.

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