Last Updated on May 31, 2011 by New-Startups Team
Working closely in partnership with the likes of Citi, MasterCard, FirstData, Sprint, VeriFone and others, Google Wallet launched, as away for you pay with your mobile device. We’ve seen the shopping experience move from paying with coins, to paper money, to cards, and now the next big move – to mobile devices.
Google Wallet is a free Android App that makes your phone into a payment gateway (a wallet). Using NFC (Near Field Communication), Google Wallet stores your credit cards as virtual versions on your phone, which can then be used to redeem offers / pay.
Google Wallet has been designed for an open commerce ecosystem. It will eventually hold many if not all of the cards you keep in your leather wallet today. And because Google Wallet is a mobile app, it will be able to do more than a regular wallet ever could, like storing thousands of payment cards and Google Offers but without the bulk.
The app works by tapping your phone on the readers, where the icons (to your right) exist – at checkout. Once the reader accepts your mobile device as a payment opportunity, your phone will send the payment, and possibly offers or loyalty rewards through Google Offers. “Google Offers are deals on products and services at local or online businesses. Whenever you buy or save a Google Offer, it automatically syncs to your Google Wallet so your offers are always with you.” Google Offers is currently being offered for use (Beta) in a few American Cities (Portland, New York, Oakland and San Francisco).
Google Wallet with tap and pay will be compatible with Nexus S 4G by Google, available on Sprint and will support two kinds of credit cards: most Citi PayPass eligible MasterCard credit cards and the Google Prepaid Card. Your Google Wallet will also be secure via pin identification and utilizes “encrypted payment card credentials on a computer chip on your phone called the Secure Element”.