Google unveiled a new way to pay to yesterday that might have you taking it LoMo (Local, Mobile) before you know it. The Google Wallet is an application that allows users to load their credit card information onto their phone and, when it’s time to pay the bill, simply tap the phone to transfer funds from your card to the store, restaurant, gas station or whoever you want to give some money to.
The app also works with existing and new coupon and discount sites — so if you’re shopping in a particular store — American Eagle, Subway and Walgreen’s are all on board, you might get an instant coupon or other offer just for paying with your phone.
The downside? The big one that comes to mind is security (can you imagine losing your phone and your wallet? R’uh R’oh!), but Google has said there will be layers of protection in place so even if the phone goes, your financial information won’t.
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