Monday, June 20, 2011

Google Wallet – Revolution in Payment Processing

Various ways of money transactions and payment like coin, paper money, plastic cards, electronic money are available today but now technology has brought new ways by which we do not need to carry heavy wallet in our pocket. Now life is becoming very smooth and easy with changing technology trends.

What is Google Wallet?

Google has developed a mobile payment system and launched it on May 26, 2011. It simply allows users to store virtual versions of their credit cards, loyalty cards, gift cards etc. on their mobile phone. It is an Android app that makes your mobile phone like your wallet. To make fast and secure payment Google Wallet uses Near Field Communication (NFC) which is basically a short range wireless technology that transmit data between two objects.

How to use it?
It is very simple to use it. You need to go to any PayPass-enabled terminal at checkout and just need to tap your mobile phone on it. The service will work with over 3,00,000 MasterCard PayPass merchant locations.

Why Google Wallet?
It is designed and engineered for an open commerce ecosystem. It can hold number of cards that can not be possible to carry in a wallet. A simple wallet is used for carrying cards, money etc but it has limited capability whereas Google wallet is mobile app that is much more capable and useful. Google wallet is adequate for storing thousands of Google offer and payment cards. All the transaction can be made with a single tap via NFC(near field communication).

Security of Payments : Google Wallet is engineered and developed several security checks so that security of the payments maintain properly. It is designed for safe and secure transactions. Google Wallet provide many strong layer of security. Google Wallet PIN is entered just before the purchase, prevent from the unauthorised access and payments.

What to do if Mobile phone is lost or stolen?
Your mobile phone is your wallet and if this wallet lost or stolen by chance, what to do in this drastic situation? First of all no need to worry in this situation beacuse Google Wallet PIN and Secure Element will protect your payment card information. User can reset the Google Wallet and by settings menu he/she can remove the transaction information and payment credentials. Except this, user can call its issuing bank to cancel the cards.

Google wallet is compatible with only Nexus S 4G, but very soon Google will expand its circle and the application will be supported by more phones. This is just a start, Google Wallet is really going to revolutionize the payment modes and processing and will make it more secure and useful.

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