Google Wallet: Do you trust Google?

Do you trust Google? If yes, then Google Wallet by Google is the new secure mobile payment application for all your shopping and transactions. The new mobile payment system works on selected Android-based phones.

Google Wallet

In the past years, we have changed our payment modes from coins, to paper money, to plastic cards and now Google Wallet is the next prospect. So if you have confidence in Google you would definitively be having questions in mind like? What is Google wallet?? How it works? Is it Secure? How it can help you expand your business? How it can replace your leather Wallet??? etc…

Google Wallet has been mainly intended for an open commerce ecosystem.

Google Wallet is a mobile app, which will store thousands of payment cards, your loyalty cards, gift cards, receipts, ID,keys, boarding passes and even tickets. The service uses the short-range wireless communications technology also called near-field communications (NFC). This technology allows the  users to pay for things in trade locations by holding a mobile device equipped with a special chip close to a specialized reader at a retail check out. Sprint’s Nexus S 4G and Nexus S from T-Mobile integrate the NFC chip.

Google Wallet works for you. The process is as easy as “tap, pay, and save.”

The steps for Google Wallet setup are quite simple

1. Attach your Wallet
2. Enter your Pin
3. Add your Credit Card
4. And lock

Google Offers is the unique feature that  will be tightly integrated into Google Wallet. It will allow you to look for Google Offers from Google Search, Maps, Latitude, Shopper, and Google Offers itself. Once you find an offer that you’re interested in, just save it and it’ll automatically appear on your Google Wallet Android app.

Credit Card, Coupon, and Reward Coupon are the three items that are available in the Google Wallet system that you’ll be able to use when checking in at store.

All you have to do is

1. Find a coupon
2. Transfer the coupon to your phone the same way you’d transfer an app via the Android Market
3. Bring the phone to the store to tap
4. And then  you’ve got to do is sign!

In addition to your credit card, you’ve got an instant Google card also called  the “GCard”. In this card you will be able to add funds separately. This service will work between Citi bank, First Data for management, and you with your personal information. Once your card is in your wallet, you can choose to active or de-activate your card on demand. It will work wherever  MasterCard PayPass is supported. Right from launch Google Wallet will be able to operate at over 300,000 locations.

Access to Google Wallet will be free to all businesses

Pay, redeem offers, and earn loyalty credit—all with a single tap of your mobile phone. You can tap to pay using Google Wallet at hundreds of thousands of MasterCard PayPass merchant locations. AmericanEagles,Subway, Macy’s, Walgreens, Toys ‘R Us, Sprint and a bunch of other companies like Coca Cola & Sundco bring this service to customers.

Yes, Google Wallet is secure

Your information will be secured and available to you instantly in your “wallet.” The Secure Element is a separate computer, capable of running programs, securing and storing data. The NFC chip is designed to only allow trusted programs on the Secure Element itself to access the payment credentials. In case of criminal attack Google Wallet has two additional countermeasures.

• Power on the phone screen before the NFC antenna is enabled.
• The user must enter their Wallet PIN before any credentials are on the loose to a reader.

Fraud analytics are handled that help to identify fraudulent transactions and block such transactions as they occur. Additional security feature, the protection of the MasterCard PayPass protocol is added for sniffing or man-in-the-middle attacks.

Google Wallet is Loyal to you

If you forget your password it will allow you to reset the Wallet. If you lose your mobile handheld device then Wallet PIN will protect your wallet. If the PIN is entered  incorrectly too many times, the Secure Element is disabled and cannot be used for payment until it is reset by a combination of the issuing bank, the Trusted Service Manager, and the user. If you accidently download a malware or virus like Trojan the Secure Element is designed to protect the credentials.

The success of this project depends on many factors like the participation of major businesses, the ability to have manufacturers add compatible NFC chips to mobile devices, and the confidence of you people Google look forward to. So, be ready to trust Google and replace your leather Wallets with Google Wallet.

Related posts brought to you by Yet Another Related Posts Plugin.

Tags: Google, Google mobile shopping, Google Wallet, mobile app, mobile payment application