A phone that is fitting into a wallet? That was yesterday… Nowadays, your phone is your wallet.
Ok. Of course the so called PaperPhone (I wrote about it 2 weeks ago) that could lie next to your credit cards in your wallet is not old-fashioned. But a few days ago I got to know Google’s newest invention- The Google Wallet.
As you can read at The Official Google Blog
Google Wallet is a key part of our ongoing effort to improve shopping for both businesses and consumers. It’s aimed at making it easier for you to pay for and save on the goods you want, while giving merchants more ways to offer coupons and loyalty programs to customers, as well as bridging the
gap between online and offline commerce.
But how exactly does this technology work? How can a smartphone owner actually use this new invention?
will make your phone your wallet. You’ll be able to tap, pay and save using your phone and near field communication (NFC).
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. Someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.
At first the user need to set up the service by combining the Google Wallets with a Google account. The next step is to create a PIN code and afterwards the user has to add credit cards to the account. The info gets transmitted to a security company called First Data, which will approve the cards for use. If this is done, shoppers need only “tap and go” with their phones to make purchases.
Google works with several merchants like Subway, RadioShack, Walgreens and many more. These companies are offering loyalty coupons to Google Wallet Users. To find out where you can use it check out Google’s interactive map.
How it works
- Citi MasterCard
- the Google Prepaid Card
- gift cards at participating merchants
If you already have a Citi MasterCard you only have to open your Google Wallet and enter your account information. Afterwards Citi has to verify these information- if everything is correct your credit card credentials are stored safety to a microchip on your phone. Now you are able to tap your phone to pay.
If you don’t have a Citi MasterCard- no problem! The Google Prepaid Card is a virtual card that you can charge with any of your credit cards ( –> no Citi Mastercard required).
The third option is the Gift Card.
Google Wallet can store gift cards for participating merchants. When you tap to pay at a merchant, Google Wallet transmits your gift card information to the terminal.
Google Wallet is designed and engineered to enable safe, secure payments. In fact, Google Wallet’s security features go beyond what’s possible with traditional wallets and cards.
The first thing that is done for security is a PIN that you have to enter before making a purchase. This PIN should prevent unauthorized access via Google Wallet.
Moreover the security technology
provide many layers of security.
And if the phone is lost or stolen the PIN and the security technology should pretend your payment card information but the user should still call the issuing bank to cancel the card.
Sounds easy, right?
But you always have to take into consideration that there are always weaknesses concerning security. No one can really ensure that your data is safe. Make up your own mind if you prefer your familiar wallet or the new technology!
For further information also check the Google Wallet Product Launch: