Google Wallet allows users to store financial information on their mobile phones in order to make secure payments by simply tapping a button on their phones at a process-ensured checkout counter. This innovation, devised by the best search engine on the web, is marketed to consumers in that the service allows people to more quickly make payments with their phone at any MasterCard “PayPass” endorsed checkout.
And the best thing for consumers? Google Wallet can definitely save them money. By paying attention to the following tips and tricks of the trade, consumers attempting to save or maximize their savings can easily find out how Google Wallet can work best for them.
First, Google Wallet has a “bump share” feature. That means that if a buyer is ever splitting anything with one or more people—from a lunch to the monthly rent—all they have to do is bump phones and the bill is split. Done and done.
Second, Google’s Wallet feature is geared for automatic savings features. No longer will consumers have to worry about searching for a rewards or bonus card or even having to bring it along; Google Wallet will instantaneously handle all finances upon check out, thereby saving buyers money whether they remember or not. This allows not only for speedier transfers, but if users ever accidentally forget a real wallet but still have their phone – the problem is solved.
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Another great feature of Google Wallet is that it gives consumers freedom to set various parameters tailored to their own spending behavior. For example, Google Wallet allows users to set limits on their spending, enable alter settings and reminders for overseas spending and fraud protection, and place blocks on various categories such as spending on alcohol, entertainment or extraneous expenditures.
While it might make some spenders suspicious, Google Wallet tracks location and purchases of spenders. But with that data, Google Wallet can find the nearest deals and coupons in the location of the user. This feature allows users to save more without having to research for various coupons, online deals or promotions in their area; with Google Wallet, consumers do nothing but use their phone and all the hard stuff is done for them automatically.
What else can Google Wallet do?
By tracking said purchases, Google Wallet can become a great tool to help users see when, where and how they spend – essentially becoming a great budgeting tool. Users essentially never have to carry a wallet ever again, and unless a battery dies, consumers can fully appreciate the benefits that Google Wallet will bring.
The platform still has some developmental progress to make, but for now it is definitely a great tool for consumers to utilize in order to save, store, buy and analyze their purchasing history. By paying particular attention to these concerns has the potential of bringing a vast amount of savings for consumers who choose to utilize Google Wallet.
Angie Picardo is a staff writer for NerdWallet, a personal finance website dedicated to helping consumers find the best credit cards, travel tips and more.