Square already has succeeded in adding value on the terminal end of the ecosystem, essentially extending point of sale terminal capabilities to retailers that could not afford it before.
Google is aiming at the other obvious big target: advertising. The coming Google Wallet would allow Google to offer retailers more data about their customers and help them target ads and discount offers at mobile-device users near their stores.
Appending real-world purchase information to its treasure trove of online behavioral data would allow Google to drive significant transactional and advertising revenues.
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