Google Wallet : Java Glossary

Formerly known as Isis (not an acronym, the name of an Egyptian goddess) Wallet (unfortunate choice of name) or Softcard. Promoted by Google.

• Multi-levels of security. In contrast, credit cards in practice have none.
• Very low cost compared with credit card processing. This eventually means lower retail prices.
• The concept is already tested in Africa.
• They can integrate with apps that help you shop, finding where products are sold, comparison shopping, letting you know of sales at nearby shops where you often do business etc using the phone’s keypad, screen and Internet connection.
• They use a tiny two-way radio in the cellphone with a range of 10 cm (3.94 in). They don’t have a mag stripe to wear out or contacts that could get dirty.

The main disadvantage is:

• Google is big on concepts, but they often don’t follow through to a polished workable product.
• Google tends to abandon a project once the spot light is off.

I suspect by 2017 such phones (not necessarily Google Wallet) will have completely replaced credit cards and smart cards.