“For more than a decade people have prophesied the end of cash and credit cards. And for the past two years the drumbeat around mobile payments has grown steadily louder with the adoption of smartphones. Now numerous companies are jockeying to participate in what expected to be a huge market that will eventually generate billions in fees and revenue.
In the same way that Apple redefined and accelerated the development of the smartphone market with the iPhone in 2007, Google Wallet marks the beginning of the mobile payments era. Google is certainly not the first company operating in the sector, and it might not turn out to be the leader. But with last week’s announcement, Google has helped to bring new coherence and focus to the otherwise Darwinian and chaotic landscape of mobile payments.”