Yesterday we heard that Google was getting ready to launch their new NFC-based payment system, Google Wallet. It is now official, and as we reported previously, Google Wallet will be available with the Sprint Nexus S 4G.
The service works with a Citi Mastercard or a Google Prepaid Card. The Google Prepaid Card can be funded using any existing credit card, and Google has also announced that other companies, including Visa, Discover, and American Express, are looking to join the service in the future.
We’ve been testing it extensively, and today we’re releasing the first version of the app to Sprint. That means we’re beginning to roll out Google Wallet to all Sprint Nexus S 4G phones through an over-the-air update.
How Google Wallet Works
Google Wallet leverages Near Field Communication (NFC) technology to enable users to make secure payments by simply tapping their phone on a compatible terminal. This innovative approach aims to replace the traditional wallet, allowing users to store their credit cards, loyalty cards, and even gift cards digitally. The integration with Citi Mastercard and Google Prepaid Card ensures that users have multiple options for funding their transactions.
One of the standout features of Google Wallet is its security. The app uses multiple layers of security to protect user information. This includes encryption, secure storage, and the ability to remotely disable the app if the phone is lost or stolen. Additionally, Google Wallet requires a PIN for every transaction, adding an extra layer of protection.
Future Prospects and Expansion
Google has ambitious plans for the future of Google Wallet. The company is in discussions with other major credit card companies like Visa, Discover, and American Express to expand the service’s compatibility. This would significantly increase the number of potential users and merchants who can benefit from this technology.
Moreover, Google Wallet is not just limited to payments. The app also aims to integrate with various loyalty programs and offer exclusive deals and discounts to users. For instance, users could automatically earn points or redeem rewards at participating merchants without needing to carry physical loyalty cards. This added convenience could make Google Wallet an indispensable tool for everyday transactions.
You can find out more information about Google Wallet over at the Google Mobile blog.
Source Gadget Venue
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