In May 2011, Google
announced the Google Wallet. Google Wallet is a mobile payment system developed
by Google that allows its users to store credit cards, loyalty cards, and gift
cards among other things, as well as redeeming sales promotions on their mobile
phone. Google Wallet uses Near Field Communication (NFC) technology to make
secure payments fast and convenient by simply tapping the phone on any PayPass-enabled
terminal at checkout. Google has been testing it extensively since initial
announcement.
In September 2011, Google released
the first version of the app to Sprint. It was beginning to roll out Google
Wallet to all Sprint Nexus S 4G phones through an over-the-air update. This app
is the latest to use Near Field Communications (NFC) technology to facilitate
payments that customers pay for items in brick-and-mortar shops by tapping
their phone to a vendor’s PayPass reader, a small box for transmitting data
that can be found in major retailers like Macy’s, Whole Foods, and McDonald’s. In
order to get its app off the ground, Google partnered with MasterCard, which
has been using NFC chips on some of its credit cards since 2003, and originally
developed the PayPass reader.
"Google's Nexus S device
that it recently announced is the first Android-powered device supporting NFC
and we expect NFC is going to increasingly become a default feature of every
smartphone that is sold over the next couple of years," Charles Govlin,
principal analyst at Forrester, told BBC News. Also, Market researcher Gartner
said with the total value of mobile transactions reaching $245bn in 2014,
demand for mobile wallet services would be huge.
Google
Wallet in-store
Google Wallet enables people
to pay with their Citi MasterCard credit cards and the Google Prepaid Cards,
which can be funded with any of your existing plastic credit cards. Meanwhile,
the Google Wallet mobile app securely stores people's credit cards and offers
on their phone. When people check out at brick-and-mortar stores that accept
Google Wallet, they can pay and redeem offers quickly just by tapping their
phone at the point of sale, quickly, conveniently and securely. The whole
process can be divided into two steps. Step 1, people would have to look for
PayPass symbols when they check out for purchases. Step 2, they have to tap
their phone on the reader, at the same time, their phones would send payment
and, at some merchants, offer loyalty information.
Google Wallet online
The Google Wallet online
service stores people's credit cards in the cloud. When they checkout at online
merchants that accept Google Wallet, they can quickly pay by signing into your
Google Wallet account. By now, the Google Wallet is accepted by thousands of
online merchants. With Google Wallet people can quickly and easily buy from
stores across the web just by signing in to their wallet account instead of creating
multiple accounts and passwords to increase complexity and insecurity. Google
wallet has made it possible for people to add all of their payment cards to
Google Wallet, so that they can say goodbye to traditional leather wallets.
A
wallet that is LOCKED
Unlike the leather wallets
that we have, Google Wallet is a wallet that people can lock. By setting up a
Google Wallet PIN that must be entered before making a purchase. This PIN
prevents any unauthorized access or payments. Google Wallet also has a fraud
protection policy that covers people against unauthorized purchases made through
Google Wallet, and all the payment information is securely encrypted and
stored. Not only does Google Wallet encrypt payment information, it puts the
data in a place only trusted programs have access, such as a separate chip in
Android phones called the Secure Element.
Here are two clips about the
Google Wallet. Enjoy!
Introduction for Google Wallet
Google Wallet IN ACTION!!
Reference:
1. Google's NFC-Powered
Digital Wallet: Room For Your Shopping Lists, Credit Cards ... And Complete
Trust. Retrieved from: http://www.fastcompany.com/1755490/google-shopping-wireless-wallet-nfc-payment-nexus-smartphones
2. Google to show off mobile
wallet for Android phones. Retrieved from: http://www.bbc.com/news/technology-13540466
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