Back in May, Google announced the introduction of Google Wallet, a virtual one-stop payment method. Say goodbye to cash and hello to Google Wallet. (Maybe ‘Hello Moto’ would be a good tagline).
How it works.
Google wallet uses what is known as NFC, Near Field Communication to make payments by simply touching devices. Making a payment with your smartphone looks set to be the way of the future.
Quite simply, you store your credit card or debit card details on your smart phone or tablet and bobs your uncle! When in store you simply wave the device near the payment terminal and in some cases enter a pin. Easy as that, the transaction is completed and you will never have to worry about losing your precious cards ever again.
What payment methods can be used.
Just this morning Google announced that Visa, Discover and American Express have now come on board with Google Wallet, making the app a more robust payment option.
Also on board are Citi, MasterCard, Sprint and First data, there is also a prepaid Google card option which will be useful for those who don’t want to avail of credit to make purchases. A simple top up of your Google card will suffice.
Can Google Wallet be used on all Smartphones?
Not just yet, fear not though, you know how fast Google roll things out, once they have started the ball rolling it will be available on most smart phones and no doubt there will be an app available in no time.
Google wallet has just been released on all Sprint Nexus S 4G phones and the promise is there to roll it out to as many smartphones as possible in the future.
Osama Bedier, Googles Vice President of Payments said on Googles blog “ This is still just the beginning, and while we’re excited about this first step, we look forward to bringing Google Wallet to more phones in the future”.
How secure is Google Wallet?
100 times more secure than your regular wallet.
Before any transaction is made you are asked to enter a pin to authorise payment on your phone. This pin is set up by yourself so you can be assured no one else will know it. Other Android phones also feature a second lock screen.
Google Wallet does not store credit card details on your phones memory, but on a separate chip which works independently. According to Google this chip has been developed to ensure only authorised programmes have access to it.
However, you still need to take the necessary precautions if your phone is lost or stolen and contact your bank or credit card Company to cancel and issue new cards.
I for one am excited about this new development by Google. How often have you caught yourself short by leaving your wallet at home or in the office? I can guarantee you rarely go anywhere without your phone though.
Another Coup for Google it seems, and a welcome development in the plan to make us all a little bit more dependant on them