This week several of the Android blogs wrote about ShopSavvy Wallet and some asked if it was smart for us to go head-to-head with Google and their wallet. Many reporters have asked me, “Which is better?” My usual response is to ask them a question in response, “Which is better a credit card or a pocketbook?” Google Wallet is like a credit card – ShopSavvy Wallet is like a pocketbook. Both are handy, but they serve very different purposes. Let me try to explain.
ShopSavvy Wallet was designed to make it easy to buy products from within ShopSavvy. Lets say you are standing in Sears. You scan the barcode of a 3D TV you want to purchase, but ShopSavvy shows you that Walmart has the same TV for a LOT less. If your ShopSavvy Wallet is setup you can tap the blue pricetag button and purchase the product without having to visit Walmart’s website. ShopSavvy does everything for you – entering your name, email, phone number, shipping and billing address as well as your credit card information. With one swipe of your finger you have saved LOTS of time and hassle.
Today our wallet will allow you to store any credit or debit card like Visa, Mastercard and Amex. In the future you will be able to store other payment types – you will even be able to use your Google Wallet.
Now let me explain what ShopSavvy Wallet is not – in the simplest terms it is not actually a wallet in the sense Google Wallet is actually a financial wallet. Google’s wallet is powered by Citibank – thus it is not just storing payment information – it is the actual financial instrument. ShopSavvy never charges your credit card – we let the merchants charge your card. Google is in the middle of the transaction charging your card (in most cases they are the card). We aren’t involved in the transaction at all. Google is intimately involved. We don’t get a cut of the merchant fees. We don’t get the processing fees. Google does. Google Wallet really is a REAL monetary device. ShopSavvy is just holding data to make it easier for you to buy stuff.
Check out this short video if you want to see how it works: