Google Wallet: Mobile Payment System

Google Wallet “Your phone will be your wallet. Just tap, pay, and save.”

Unveiled in an event in NYC on May 26th 2011, Google's Stephanie Tilenius announced Google Wallet. From coins, to paper money, to plastic cards and now the next big shift payment through a mobile device.

Google Wallet, using NFC (Near Field Communication - set of short-range wireless technologies), the enabled app would combine user's credit cards, coupons, gift cards and other receipts in one handy device - a smartphone. Nexus S 4G will be the first phone to deliver this service, as Sprint will be the first carrier.

Google Wallet is an Android app an "open platform" that makes your phone your wallet. It will store digital versions of your existing credit cards into on your phone. The mobile app will be a live app on Nexus S 4G from Sprint. Near-field communications (NFC) chip is also an important requirement for phones in oder for you to simply tap your phone to pay and redeem offers.

How it Works

Payments

Give your smartphone some credit

Tap your phone to pay with the virtual payment cards stored in your Google Wallet.

When Google Wallet launches, it will support these cards:

• Citi® MasterCard®
• the Google Prepaid Card
• gift cards at participating merchants

Google Offers are deals on products and services at local or online businesses. Whenever you buy

Offers & Loyalty or save a Google Offer, it automatically syncs to your Google Wallet so your offers are always with you. Google Wallet can also store loyalty cards for participating merchants.

Security

Google Wallet is designed and engineered to enable safe, secure payments. In fact, Google Wallet’s security features go beyond what’s possible with traditional wallets and cards.

Google Wallet is another product of innovation that will make it easier for us to pay and save some upon purchasing the things or goods we want. Both businesses and consumers will benefit once this new technology rolled out for implementation.

For more details about this new service of Google you can visit http://www.google.com/wallet