Yesterday Google announced the release of its Google Wallet app.
Different from Jack Dorsey’s Square technology, the phone does not require any additional hardware in order to complete transactions.
Reports are that Sprint, Citibank, MasterCard, Subway, Macy’s, Walgreens, Toys ‘R Us, and First Data are partnering with Google. And with Mastercard’s backing, Google Wallet will be fully compatible with their already existing PayPass system.
Right now, Google’s Sprint Nexus S 4G works with this technology but other Androids will be rolling in. RIM’s already commited to implementing this technology in future Blackberry releases. Alternatively, phones without built-in NFC could add an NFC sticker ($36), which will need to be implemented on any iPhone device due to Apple’s reticence to “buy in” to NFC technology. Check out this definitive list of NFC phones if you want to know if which phones are or will be NFC.
Notably, Hong Kong and Japan implemented NFC technology a number of years ago and it continues to be a success.
Then you ask him for a retainer. He pulls out the same phone, you push forward your NFC chip reading device (I’ve seen them sell for anywhere from $50-$250) and, VOILA! His money is now your money.