Google in collaboration with Citi, MasterCard, First Data and Sprint announced and demonstrated the Google Wallet an App for your phone that let you to just tap your phone in the retailer’s terminal to make payment with your Mastercard or Google prepaid card.
You’ll be able to store your credit cards, offers, loyalty cards and gift cards, but without the bulk. When you tap to pay, your phone will also automatically redeem offers and earn loyalty points for you.In future, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.
“Today, we’ve joined with leaders in the industry to build the next generation of mobile commerce,” said Stephanie Tilenius, vice president, commerce and payments, Google. “With Citi, MasterCard, First Data and Sprint we’re building an open commerce ecosystem that for the first time will make it possible for you to pay with an NFC wallet and redeem consumer promotions all in one tap, while shopping offline.”
Google Wallet uses near field communication (NFC) to make secure payments fast and convenient by simply tapping the phone on any PayPass-enabled terminal at checkout.This is currently in the field test and the press release of google promises that it would be available this summer.
The Sprint Nexus S 4G will be the only phone compatible with Google wallet initially.Google even suggested that phones without built-in NFC could simply use an NFC sticker (to make Google wallet work non-NFC phones).The wallet app will require a PIN, as will each transaction. The payment credentials will be encrypted and stored on a chip, called the secure element, inside the phone. The app will be free to users.
You may like to see this video…
To learn more please visit our Google Wallet website at www.google.com/wallet.
What do you think of this new innovation?Do you think it is safer than ordinary credit cards? Share your views in comments!