Google Wallet Mobile Payment Service Announced
Google, along with their partners Citi, MasterCard, First Data and Sprint announced and demonstrated Google Wallet, an android mobile app that will enable using mobile phone as wallet. You can simply tap, pay and save money and time while you shop. Currently this service is available in the USA through the partnering retailers.
Google Wallet is currently in a field test and will be available to consumers this summer. The first Google Wallet field tests are focused in New York and San Francisco, where many retailers, Coca-Cola vending machines and even taxis are enabled for using Google Wallet. The Google Wallet team has invited banks, payment networks, mobile carriers, handset manufacturers, point of sale systems companies and merchants to join the initiative.
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.
Because Google Wallet is a mobile app, it will eventually be able to do more than a regular wallet ever could – but without the bulk. Google Wallet will start with offers, loyalty and gift cards but some day items like receipts, boarding passes and tickets will all be seamlessly synced to your Google Wallet.
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.
Google 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.
Google Wallet is built to work with the fast growing MasterCard PayPass network – a merchant point of sale (POS) service that enables consumers to tap to pay. As a result, Google Wallet will immediately be accepted at more than 124,000 PayPass-enabled merchants in the USA and more than 311,000 globally.
Google is also working with point of sale systems companies and top retail brands to create a new SingleTap shopping experience. Consumers will be able to pay for an item using a credit card or gift card, redeem promotions and earn loyalty points – all with a single tap of their Google Wallet.
Saving Made Simple
Google has also been testing a variety of consumer deals. Whenever you buy or save an offer, you will be able to automatically sync it to Google Wallet. At most stores you will be able to use Google Wallet to show your offer at the register, where the cashier will either scan it or manually type it in. At participating Google SingleTap merchants, you will be able to pay and redeem an offer with one tap of your mobile device.
The first release of Google Wallet is expected to be released on the Nexus S 4G on the Sprint network in the US. You may sign up to be notified about the release at google.com/wallet.
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