Google wallet Payment system – Details and Review

Written on:September 20, 2011
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google-wallet-logo-mGoogle-Wallet-PaypassGoogle have introduced a lot of new products and utilities to our life which eventually became our necessity . Google really experiments with new ideas and innovative products .Thus from a search engine Google became an Cyber empire.And with the advent of new high power and affordable technology Google easily managed to penetrate into our daily life.We are really dependent on technology now so much so that for some of us ,actually for most of us life without computer,mobile phone and internet is unimaginable now.After eBay and amazon shopping online became very much popular.With that came the new ways to handle out credit and cash online.Banks and other online merchant payment service providers like PayPal,Billdesk have introduced new and secure ways to do online transactions which are really convenient.But still there was always a need for something which can take care of all types of payments.Like a credit card which can be used online as well as in the stores.With the advent of smartphones our lives have changed for the better. So far smartphones have replaced our music players, yellow pages, maps among so many other things. And starting from today it is replacing our wallets as well.

Google-WalletGoogle wallet makes your phone your wallet.Now phone have became a necessity now a days.Not only for communication and calling.but my phone is also my music player,my internet browser,My camera,portable video game player,portable video player,calculator,Instant messenger and a lot…And now it will become my wallet too.pretty cool piece of technology ,isn’t it?

google-wallet-05-26-2011On MAY 26, 2011 Google, Citi, MasterCard, First Data and Sprint announced and demonstrated Google Wallet , an app that will make your phone your wallet so you can tap, pay and save money and time while you shop. For businesses, Google Wallet is an opportunity to strengthen customer relationships by offering a faster, easier shopping experience with relevant deals, promotions and loyalty rewards.”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.

image-pos-walletGoogle Wallet is engineered to enable secure payments and goes beyond what’s possible with traditional wallets and cards. It will require an app-specific PIN and in the first release, all payment card credentials will be encrypted and stored on a chip, called the secure element, that is separate from the Android device memory and is only accessible by authorized programs.

Till now Google Wallet service has been made available for the Nexus S 4G customers on US Carrier Sprint which will enable to make payments for their purchases with a simple tap of their phones.The system requires a smartphone with an NFC chip embedded into it which enables you to tap and pay at registers enabled with Citi’s PayPass system. With more than 300,000 PayPass locations around the globe and growing you will more often than not will be able to find one. At the same time, Google will incorporate other financial giants like Visa, Discover and American Express which have already provided their specifications for them to be included in Google Wallet. Google will also shortly incorporate other Android devices in its portfolio of Wallet compatible devices.

 

See the Google Wallet demonstration video below:

About Google Inc.

Google (NASDAQ: GOOG) is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world. For more information, visit www.google.com/about.html .

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Additional information may be found at www.citigroup.com .

About MasterCard

As a leading global payments company, MasterCard (NYSE: MA) serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants and cardholders worldwide in more than 210 countries and territories. For more information, please visit us at www.mastercard.com . Follow  on Twitter: @mastercardnews.

About First Data

Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.

About Sprint

Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 51 million customers at the end of 1Q 2011 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. Newsweek ranked Sprint No. 6 in its 2010 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint .


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