With reviews swirling around Google Wallet discussing contentious issues including the security, usefulness and probability of the success of the app, it mainly depends on how far Google revolutionizes the savings.

The advantages of Google Wallet are both readily apparent but also boundless. Aside from being able to purchase something with a mere tap of your phone, even more of the purchasing process will be built in to the Wallet. It will give merchants, consumers, and vendors the ability to track purchases in newer and more meticulous ways.

Check out: Google Wallet Launches, PayPal Sues

All In One Tool

Your phone essentially becomes an epicenter for all parts of your purchases. Now when you go to buy a bar of Right Guard deodorant at CVS, you can automatically redeem coupons saved on the phone, earn merchant rewards points and pay for the product with just a tap. No more worrying about forgetting coupons or loyalty cards since everything you need is stored.

In addition, with the simultaneous launch of Google Offers, merchants can utilize geo-location to send deals to physically nearby consumers.

How Merchant Rewards and Savings Can Evolve

With the technology and apps available now, merchant rewards have exceeded expectations. Transaction history and geo-located offers can manage spending, find savings opportunities and create discounts like never before. For example, if you find a Best Buy coupon for 20% off, they may bump it up to 25-30% if you are nearby to tempt you into their store.

Read: Coupon Clipping of the 21st Century

However, until now we have only seen advances that were strictly app-related. Google Wallet is essentially asking, how can we make this process even more interactive?

And that is where we find huge potential. The Google Wallet’s vision states, “Google Wallet has been designed for an open commerce ecosystem… Eventually your loyalty cards, gift cards, receipts, boarding passes, tickets, even your keys will be seamlessly synced to your Google Wallet.”

The answer lies inside the wallet. By making it your one-stop, virtual financial world, Google can interact with people on all levels of the purchase, including outside of the purchase. The possibilities are endless if Google Wallet collaborates with other app developers and incorporates newer technologies.

For example, SplashShopper is an app that allows consumers to manage grocery lists and track prices and stores. If Google Wallet incorporated a similar feature, then the Wallet can store the list, scour the area for the cheapest place to go, find coupons, retrieve additional geo-located offers once you are there, and pay for the purchase.

Another example can be searching for a flight within the wallet. With the power of Yapta, a service to find cheap flights and get a credit if the price drops, Google Wallet could not only scan thousands of flights, it could determine the total price of the trip including cab fare and hotel, find hotel upgrades and allow you to book the entire trip.

The REAL Difference Between Google Wallet and Merchant Reward Apps

In the case of the deodorant, there is not much difference between Google Wallet and Prewards from edo Interactive or StatementRewards from BillShrink, but over time, the more you fit into an advertiser’s target audience the more offers you are likely to receive, incentivizing you to undertake specific behaviors.

Google Wallet can change that by giving the consumer an opinion. Merchants will search for what the consumers want and entice them into the store that way; meaning if you have a coupon for a coffee you won’t buy a soda, but you may not get the coffee either. Google Wallet can potentially connect merchants to consumers in newer ways, making advertising even sharper.

As long as Google Wallet probes for the best technology and incorporates it, savings can reach the utmost efficiency and collaboration.

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