Google Plans to Win your Wallet

The companies behind the latest technologies do not want you to carry cash any longer, not because they’re worried about you loosing your wallet but because they want to know where and how you spend your money.

A few weeks ago Alphabet (GOOGL) acquired a patent swap from Tencent, the Chinese chat, gaming and payment leader.

It is believed that Alphabet wants access to your payments and spending data and Tencent has already figured out a way to do that.

These days companies like LimeBike and Amazon are using payments with a simple QR (Quick Response) Code; they are now able to exchange goods, services and money without cash registers or credit card payments. The only technology required is a mobile device.

With the simplicity and accuracy of using QR codes, it’s not only making your life easier but also giving away exact information on what, when and where every purchase is taking place.

All of such data is leading up to other ground breaking technologies. The so called mini-apps are booming as I am writing this. Mini-apps require no download and no configuration. They are merely a set of code fixed to a distinct physical point in space.

Most Mini-apps are less than 10 megabytes, they load instantly and have already attracted major brands like McDonald’s (MCD), KFC (YUM), Coach (TPR) and Tesla (TSLA).

For more on this story please read the article by Jon Markman in Forbes. 

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