"Contrast our approach with our competitors' plans and the fundamental differences become apparent," he wrote.
The competition and a lack of support from other handset makers and operators won't necessarily doom the Google Wallet. Consumers could easily have a different system depending on the phone. But converging them from a retailer and authorization standpoint could prove sticky.
While much remains to be seen in terms of how the service takes off, onlookers were impressed by the platform that Google has assembled.
"It was, candidly, far slicker and more polished than I thought it would be," Holland said. "I've been following this for years and this is probably the most fully baked version of mobile payments I've seen."
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