First off, Google Wallet sounds pretty awesome. I’m not trying to be a downer. #want
If you haven’t seen it yet, basically Google wants to move your wallet onto your phone and smarten it up with near field communications, deals, loyalty cards, gift cards, etc. Pretty sweet, but…
The issue is that traditional merchants are really slow to adopt new technology. There are still tons of places that don’t accept credit cards yet. Why don’t these merchants adopt Square? The barrier to entry is almost nothing, but it still requires a conscious decision and opt-in from the merchant.
Google Wallet adds another form of payment that we need to carry: cash, credit cards, Google Wallet. You still need cash because it’s the lowest common denominator, cards because they’re more convenient and accepted 95% of the time, and Google Wallet because it’s fun.
Develop a form of payment that’s opt-out instead of opt-in and you’ll be a bajillionaire.