For those who are not up to speed, Google has launched a new service that makes payments from your debit or credit card through your smart phone. When making a purchase, instead of pulling out your wallet and swiping your card, you simply wave your smartphone.
There is a concern that the process is not entirely secure, and of course there is the question as to what happens if you loose your phone.
My take?
I remember when banks first started issuing debit cards to all checking account holders. Instead of a card that was only good for withdrawing cash from an ATM, now everyone had access to instant credit that was tied to their checking or savings account.
People worried about the lack of security and I knew many who guarded their card like it was their child, some would not even take it out of their house unless they knew they were going to have a specific use for the card.
As time went on and the cards became more and more prevalent and debit card use became common place many people stopped worrying about the card.
As a waiter, I still see cards that have "SEE ID" written in the signature line on the back of the card, but I have yet to have anyone question me when I ran the card without asking for proper identification. This is despite the fact that restaurants are probably the single worst place to let your credit card leave your sight.
My prediction is that there will be many who will start to use the new Google Wallet right away.
It is futuristic and convenient and will give everyone another reason to brag about their smartphone.
As time passes, paying by smartphone will become more common and adoption will become more widespread.
Does that mean there will be no risk involved? Probably not.
But honestly, do you think your debit card is 100% secure?
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