26 May 2011

Pay with your phone, Google wallet

Google Wallet, an app that will make your phone your wallet. You will be able to tap, pay using your phone and near field communication (NFC).
Google Wallet is being tested as we speak with hope it will be launched in the near future

Because Google Wallet is a mobile app, it will do more than a regular wallet ever could. The application itself will be able to store your credit cards, offers, loyalty cards and gift cards, but without the bulk.
When you tap to pay, your phone will also automatically redeem offers and earn loyalty points for you. Someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.

When Google Wallet launches, it will support these cards:

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

At the beginning Google Wallet will be compatible with Nexus S 4G by Google, available on Sprint.

"Google Wallet stores your encrypted payment card credentials on a computer chip on your phone called the Secure Element.
Think of the Secure Element as a separate computer, capable of running programs and storing data.

The Secure Element is separate from your Android phone's memory. The chip is designed to only allow trusted programs on the Secure Element itself to access the payment credentials stored therein.

The secure encryption technology of MasterCard PayPass protects your payment card credentials as they are transferred from the phone to the contactless reader."

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