Banking and Payments Are Moving Into Pockets Everywhere
Advancements by mobile payment systems like Apple Pay are helping digital wallets compete with traditional ones
Since Google Wallet's 2011 surfacing, PSFK has tracked the progress of the new mobile payment industry as it's taken shape. As PSFK Labs noted last month, the recent emergence of competitor systems such as Apple Pay and Square Order has caused a surge in the popularity of mobile payments, a trend which may bring about the end of real-life payment and banking transactions.
Google Wallet has established the standard format for the virtual wallet: a program which serves to digitally contain and organize credit cards, debit cards, gift cards, and loyalty cards. Recently, the company further defined its product by allowing users to open a separate Google Wallet Card account for use with purchases, and by withdrawing cash from ATMs, among other things.