Google sparks retail tech buzz

Internet giant Google's foray into the world of mobile payments could be the catalyst that sees retailers upgrade their electronic point-of-sale (POS) terminals, an industry expert argues, reports Retail Gazette.

'Google Wallet' allows customers to buy goods in store via smartphones by simply tapping their handset on a reader, and should speed up and make easier the process of paying.

One big reason for the mass switch to smartphones could be the rise of the Android OS, which offers a functional, easy to use, and most of all, inexpensive option that people could get behind. The prevalence and market-penetration of the Android OS has made Google Wallet a serious priority for the search powerhouse, says Zippy Cart.

Google Wallet is Google's offering in the realm of digital credit information. There are many other companies throwing their own options into the ring. The goal is simple: do in real life what e-commerce solutions have been doing online for years: put everybody's payment information into one place and let them access it quickly and easily to make payments.

According to Business Wire, ABI Research revealed that in 2010 only about 10% of total POS terminal shipments included some form of contactless technology.

“Contactless has the potential to change the way we pay for goods completely, significantly reducing time spent queuing at the point of sale. It also represents an almost perfect fit for the vending industry,” says senior analyst Craig Foster.

Contactless terminals have formed an increasingly significant part of Ingenico's portfolio in recent years, accounting for a claimed 21% of the company's shipments in 2010.