Big Week for Online Banking and Mobile Payments

Some big steps forward this week toward the future of Online Banking and Mobile Payments. It is always interesting to hear the announcements of exciting new technology to be developed but even better to see actual progress toward making it a reality. Two events marked legitimate progress on the reality scale.

Google Wallet Google Wallet was released yesterday (Sep. 19th, 2011). While there are currently a limited number of merchants able to accept NFC payments and only one phone capable and supported (Sprint Nexus S 4G) for now it real technology in the real world officially. Right now the wallet can be backed by a MasterCard or a Google prepaid card but will expand to VISA and American Express over time. This is a huge accomplishment for Google and could have big benefits for Google targeted advertising in the mobile space along with Google offers, its Groupon clone.

Bank Simple Bank Simple has been discussed at OLBB before but it seemed like it would never happen. Bank Simple which will strive to create an entirely new banking experience has gone into private beta. Once again, while not released to the masses, it represents another step forward to hopefully having an alternative to the way banks operate today. Bank Simple promises a Mobile experience built from the ground up, improved service and support, simple communication, putting people first and no surprise fees. We are all hoping for its success.