The virtual wallet is coming – pay via mobile phone

Google is soon to announce a mobile payment system that will let users wave their Android-based phones at the checkout counter to make payments, get coupons and earn loyalty points.

The phones are set to communicate with near-field equipped cash registers, so your phone will soon not only be your music station, contact list, camera & calendar but now your virtual wallet too.

It’s been a long time coming with a similar system available in Japan for a while, on top of the recent introductions of Starbucks pay by mobile app that remembers your favourite order, as well as the paypal app for quick sharing payments simply by bumping phones together. Both of which currently available on all popular smartphone platforms.

This seems the next logical step in the mobile world, as more and more of us are carrying these devices around with us 24/7 on top of a wallet packed with various cards and cash. Could this be the start of things to come making cards and cash a thing of the past? It’s something certainly worth thinking about and preparing for.

Remember where you heard it first.