Google Wallet - A Glimpse into the future of mobile payments

GRIN Verlag
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Project Report from the year 2011 in the subject Information Management, University of Southern California, language: English, abstract: Over the past few thousand years of evolution, the way we pay has changed shapes and materials. It has gone from gold to coins, paper money to plastic cards and now with Google’s venture into the mobile payment industry, we are at the threshold of the next big shift. Google Wallet is a mobile payment Android app that transforms a phone into a wallet. This app utilizes the Near Field Communication (NFC) technology that allows its users to pay for purchased items and redeem offers. At this initial stage of business, there are many features and factors that Google needs to change in order to bring about the mass adoption of this service. As the Business Technology Analysts at Google, we - Kritika Maheshwari, Malvika Saraf and Rohan Handa aim at addressing the hurdles for this technology and the methods to bring it to fruition. In the process we evaluate Google’s profit motivation and the bigger strategy behind this service. First, we explain the business approach which describes the importance of the adopted business model. We use Porter’s Five Force analysis to determine the competitive intensity in the market followed by SWOT analysis to give recommendations that will help in the mass adoption. Finally, we focus our paper on formulating a strategy canvas in order to study the existing payment methods in comparison to our service. The paper concludes with recommendations to Google for promoting wide customer acceptance.
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GRIN Verlag
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Published on
Dec 14, 2011
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Business & Economics / Information Management
Social Science / Media Studies
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Scientific Essay from the year 2002 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0 (A), Technical University of Darmstadt (Finance and Banking Management (TUD); Institute of Information Mangement (HSG)), 147 entries in the bibliography, language: English, abstract: In the context of this research, payment is understood as the exchange of monetary value between participants either directly or using an intermediary.5 Mobile payment (mPayment) can be understood as every payment where at least one participant applies mobile phone technology, thus, uses a mobile phone.6 But due to technological progress it seems reasonable to classify other devices like a Personal Digital Assistant (PDA) or devices with embedded Radio Frequency (RF) technology as mobile payment devices.7 However, mobile phones today clearly outnumber every other mobile payment device. Penetration rates8 are forecasted to reach almost 80% in Europe by 2005.9 The number of worldwide cellular subscribers is expected to pass one billion by 2003.10 By 2005 there will be more mobile phones worldwide than TVs, fixed line phones, and Personal Computers (PC).11 Driven by the increasing penetration and resulting business opportunities, numerous mPayment solutions have been offered by payment service providers, telcos, and financial institutions. The variety of applicable technologies, the possible linkage between the financial instruments, and the mPayment device combined with different payment scenarios offer a wide landscape of mPayment solutions. Besides technology, questions dealing with consumer expectations, factors thriving or inhibiting a widespread adoption, and with it related penetration strategies for payment service providers have to be carefully researched to develop a successful mPayment.12 5 See Dahlberg/Mallat (2002) p. 651. 6 See Krueger (2001) p. 1; see IWW (2002a) p. 5; see Kreyer/Pousttchi/Turowski (2002) p. 1 f. 7 See Thing/Rouse (2001); cp. chapter 3.2. 8 Users as a percentage of the population. 9 See Barnett/Hodges/Wilshire (2000) p. 164. 10 See Barnett/Hodges/Wilshire (2000) p. 164; see Krueger (2001) p. 3; see GSM Association (2002b). 11 See Datta/Pasa/Schnitker (2001) p. 72. 12 See Dahlberg/Mallat (2002) p. 650.
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