Understanding the Mobile Wallet: 3 Things Retailers Must Know

Mobile operators and industry giants from Google to Apple to Visa are creating their own solutions and facing steep competition. For example, the recently announced Google Wallet will use NFC chips embedded in Android phones to enable easy, contactless payments. With Google Wallet, consumers can wave their smartphones in front of NFC readers to make purchases at select retail locations, and even receive coupons or product information. This still requires retailers to install NFC readers at the point of sale, however.