Google Wallet Has Make Your Phone Your Wallet
Recently Google announced the release of Google Wallet which is a product that will allow customers to use chip-enabled mobile phones to pay for products at retail locations around the world. Google started this product in partnership with Citibank, Mastercard, Sprint, First Data and a slew of stores. The technology used in this app is New Field communication (NFC), through which users can pay just by waving their phones over a terminal when they pay. At the same time, Google will continue rolling out Google Offers, which offers users a way to find and use coupons. Inshort Google has make your phone your wallet.
1. Google Wallet works by tapping your smartphone to any MasterCard PayPass terminal. In order to use Google Wallet, you must download the app to your NFC-enabled smartphone, accept terms and conditions, and enable the app to access your desired Citi MasterCard. Once you enter your credit card information, you’ll receive either an email or text message from Google that will confirm you’ve added the credit card to Google Wallet.
2. Google Wallet uses NFC (Near-field communication) technology to transfer data between the phone and points of sale. NFC is also used to transfer data about offers that may appear on an advertisement, such as a large display in a mall
3. Google Wallet will be compatible with Google’s Nexus S 4G from Sprint. TechCruch reports that users without NFC-enabled phones can get NFC stickers that will be connected to one credit card. The sticker will communicate with the Google Wallet app, but the experience “would be limited.”
4. The Google Wallet App will be free and consumers won’t be charged to use it at retail locations.
5. Google Wallet’s payment function will work at any MasterCard PayPass terminal, which are in over 300,000 locations worldwide and are in around 120,000 locations in the United States. Google SingleTap merchants, which allow Google Wallet users to redeem discounts, coupons and use loyalty cards via Google Offers, will include Foot Locker, Subway, Walgreens, Macy’s, Jamba Juice and a handful of others. To date, there are around 15 SingleTap merchants.
6. Google Wallet will is field-testing now in San Francisco and New York, but will expand nationally this summer.
7. Multiple cards, including retail loyalty cards (think “buy nine cups of coffee, get your tenth free”) and coupons will be available for provisioning with Google Wallet.
8. According to Google, Google Wallet encrypts your credit card information on the NFC chip as well as while it is being transferred to the reader. The NFC chip will self destruct if tampered with. Additionally, in order to pay, the user needs to enter a pin. According to Endgadget, “the chip itself is only turned on when the wallet is opened and unlocked, meaning you don’t have to worry about someone scanning your card when you’re just walking down the street.”
9. At launch, Google Wallet will work with MasterCard from Citi. It will also come with a Google Prepaid Card, which is “a virtual card” to load with funds from any credit card. Google says that it won’t cost anything to load the Google Prepaid Card “at least until the end of 2011.”