The rumor mill has it that anyone with a pair of Google Glass may soon be able to send money to their friends via Google Wallet in the near future. TechCrunch says that Google is in the process of internally testing the process by which Glass users can send money by simply giving the voice command “send money.” If the tests are successful, you may see those with Glass making money transaction via their eye wear in the not too distant future.
It’s currently possible for Gmail users to send money to others with a Gmail address, but it’s not the easiest process. It takes nine steps to complete the transfer of funds, which doesn’t encourage people to do so on a frequent basis. The possibility of making payments through Glass has the potential to greatly reduce the number of steps. In theory, it might only take a voice command plus a couple of swipes or taps.
If this becomes a quick and convenient way for people to transfer money, Google stands to make quite a bit of money. The company currently charges $0.30 per transaction (or 2.9%, whichever is higher) through Wallet for transactions made with credit or debit cards (using your Wallet balance of bank account is free for the sender). The more convenient that they can make transactions to encourage users to adopt Wallet as a primary payment method, the more money they can gain from the system.
Glass users seem to be a perfect target for the company as well. With a cost of $1500 to be an early adopter of a device that is created with $80 worth of hardware, the charges that can add up quickly using Wallet to pay friends probably isn’t much of an issue to the users. In fact, they’re probably more likely to use the service just to show their friends that they can.
So be warned, sending money to others might be headed in a strange direction. If this rumor becomes reality, you may soon be seeing people talking to their glasses as a way to make financial transactions to one another.