Print 41 comment(s) - last by mars3d4f.. on May 31 at 10:45 PM

Tap to pay with Citi MasterCard or the Google Prepaid Card.
The NFC mobile payments service is still undergoing field testing, but will be available soon

Google announced its new near-field communications (NFC) mobile payment system, "Google Wallet," this afternoon in New York. 

NFC technology is a short-range wireless technology that allows mobile users to pay for everyday purchases at a register using their cell phones. This new technology, which eliminates the need for cash or credit cards, works by tapping the mobile device at a register. An NFC-enabled mobile device has a NFC chip that contains the users financial account information, and when the user taps the device, the chip interacts with the register and allows for payment.

Back in March of this year, Google decided to hop on the NFC mobile payment bandwagon as well. It announced that it was testing a mobile payment service in San Francisco and New York stores using special cash register systems designed by VeriFone Systems Inc. Google estimated that its mobile payments service would take about four months to complete.  

But only a little over two months later, Google has announced its NFC mobile payments service, "Google Wallet," and gave a demonstration of the new app today. 

Google has partnered with Sprint, Citi, MasterCard and First Data to introduce its new mobile wallet. The system will support Citi MasterCard and a Google Prepaid Card at first, which can be funded by most payment cards, and from there on out, users can use their mobile device to pay for purchases wherever MasterCard PayPass is accepted. 

Google Wallet allows users to store credit cards, loyalty cards, gift cards and offers. When the device is used to make a purchase, the app automatically redeems offers and earns loyalty points for the user. Google Wallet will also sync a user’s Google Offers, which can be redeemed at participating SingleTap merchants via NFC or by presenting a barcode at checkout. 

"Google Wallet is a key part of our ongoing effort to improve shopping for both businesses and consumers," said The Official Google Blog. "It's aimed at making it easier for you to pay for and save on the goods you want, while giving merchants more ways to offer coupons and loyalty programs to customers, as well as bridging the gap between online and offline commerce."

Google Wallet will initially be compatible only with Sprint's Nexus S 4G by Google. But Google plans to apply compatibility to other phones in the future. 

Google Wallet is still undergoing field testing at the moment, but will be released soon, according to The Official Google Blog.

Many tech companies have incorporated NFC technology into their mobile devices, and are now negotiating deals with credit card companies to allow users to utilize the new technology to its maximum potential. For instance, Verizon Wireless, AT&T Inc. and T-Mobile USA joined forces with Discover Financial Services' national payment network to form Isis. Isis is also looking to embrace other credit card giants like Visa and MasterCard

Comments     Threshold

This article is over a month old, voting and posting comments is disabled

RE: Not excited
By Pessimism on 5/26/2011 2:14:45 PM , Rating: 2
It will have to be PIN/password protected, making it no less secure than a debit card. It is more about device convergence than anything else. With the PIN/password verification done server side, a stolen handset is useless to a would-be theif.

The real danger is people picking ridiculously easy to guess PINs that can be guessed within the number of tries allowed before the bank locks the account, like "password" or the user's birthday. This danger exists in any password protected system but again is minimized by a strict 3 try lockout policy.

RE: Not excited
By GulWestfale on 5/26/2011 2:47:36 PM , Rating: 2
i would like this better from a security standpoint if a user were able to locate a stolen/lost handset and remotely disable it or remotely trigger an alarm. this is possible using he GPS that a lot of phones already come with, maybe this should be made a mandatory part of the payment system?

RE: Not excited
By Belegost on 5/26/2011 5:28:16 PM , Rating: 2
My phone has that ability.

RE: Not excited
By Azethoth on 5/27/2011 7:53:02 AM , Rating: 2
Right now anyone can test drive something similar with smartphone + Starbucks app.

You hook up a prepaid Starbucks card to the app and then you can pay by having a 2D bar code on its screen get scanned in. It is fast and you can see your balance before and then updated a few seconds after the transaction.

It is fast, convenient, and more secure than a credit card in my opinion because you can see your balance each transaction. Bogus charges become obvious the next time you pay instead of 1-2 months later _IF_ you notice them on your statement.

There is also a benefit in terms of being more aware of money being spent as you can see balances changing in real time.

RE: Not excited
By MozeeToby on 5/26/2011 5:57:46 PM , Rating: 2
There are free apps available that do all of those things for at minimum Android and iPhone. I can't imagine there aren't similar apps available for other phone OSes.

RE: Not excited
By damianrobertjones on 5/27/2011 7:29:07 AM , Rating: 2
Already on WP7 without an additional app.

RE: Not excited
By leexgx on 5/30/2011 3:07:09 PM , Rating: 2
some phone makers have made there own services that have remote lock and find and wipe (HTC not perfect yet thought, samsung has but not tested)

RE: Not excited
By mondo1234 on 5/27/2011 10:52:00 AM , Rating: 2
It would be best if the phone would have biometric security.

RE: Not excited
By FITCamaro on 5/26/2011 2:52:48 PM , Rating: 4
Mine is highly complex which is why I also use it to secure my air shield.

"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer

Latest Headlines
Inspiron Laptops & 2-in-1 PCs
September 25, 2016, 9:00 AM
The Samsung Galaxy S7
September 14, 2016, 6:00 AM
Apple Watch 2 – Coming September 7th
September 3, 2016, 6:30 AM
Apple says “See you on the 7th.”
September 1, 2016, 6:30 AM

Most Popular Articles5 Cases for iPhone 7 and 7 iPhone Plus
September 18, 2016, 10:08 AM
No More Turtlenecks - Try Snakables
September 19, 2016, 7:44 AM
ADHD Diagnosis and Treatment in Children: Problem or Paranoia?
September 19, 2016, 5:30 AM
Walmart may get "Robot Shopping Carts?"
September 17, 2016, 6:01 AM
Automaker Porsche may expand range of Panamera Coupe design.
September 18, 2016, 11:00 AM

Copyright 2016 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki