Google Wallet

Google Wallet is all set to replace your fat leather wallet with a super smart and completely safe Android app to help you make all your payments. You can go on a shopping spree with just your mobile loaded with Google Wallet and pay at any of the thousands of PayPass enabled stores. There is no need to carry cash or credit cards. It allows customers to make one-tap payments with their mobile phones and makes shopping quick and easy.

The Technology

Near field communication (NFC) chips installed in your phone, store and remit credit card and prepaid card information. The NFC is a technology that allows the transfer of information from one device to another in the near vicinity. NFC terminals available at stores checkout counters require you to simply tap your phone on it. This will transfer the desired amount from the buyer to the seller. Currently available only on Sprint Nexus S smart phone, Goggle will soon expand its support to other phones. You can pay with Citi Master Card and Google Prepaid Card with Google putting the first $10 into your account. After that, you can top it up with any of your major credit cards. Besides, Google offers and merchant loyalty cards can also be stored in Google Wallet.

Security

Google Wallet lets you set up a PIN, which needs to be entered every time you make a purchase, ruling out any unauthorised usage even if your phone is stolen. It uses a separate computer chip called the Secure Element, which stores encrypted information about your cards and allows only trusted programs to access it making money transactions safe.

The Future Promise

Eventually Google plans to expand this feature to other phones as well and include many other credit card companies, making way for a new way of e-commerce. Everybody carries a phone and now Google Wallet will let store everything you need to carry without increasing the size of your pocket. Convenient – that’s what today’s consumer is looking for.