Google Wallet is a new application powered by the Android software that literally converts your mobile phone into a mobile wallet. It is packed with cashless and card less purchase capability. This is an attempt on Google’s capability to accept electronic transactions without using the credit card issued. It operates to comply with the electronic transactions supported by NFC tagged electronic devices. The presence of NFC tags in mobile equipment allows transactions minus the electronic passage or reading or the credit card. NFC tags records everything about the credit card of the consumer and tags it in a safe memory somewhere the mobile equipment. This is what Google wallet is all about. The conduct of consumer purchases without the need of bringing wallets and credits cards for purchases in merchant stores.
Google Wallet is a promising merchant and consumer payment application. The Google Wallet supports Citi MasterCard credit cards and the Google Prepaid Card, the rest of the credit card providers are still under negotiation. With the promise of security and efficiency, Google Wallet will soon be able to hold dozens of credit card information from the various credit cards that you hold in your wallet and sooner than expected, you may need to ditch your wallet and carry only your mobile phone.
Paying with Google Wallet is fashionably easy, all you need to do is register you credit cards to the Google Wallet Application that can be downloaded and installed in your smartphones. Register your credit cards by supplying the usual information about you and the expiry of the card and the 3 digit code usually asked when you purchase online. Wait for registration confirmation and then a list of accredited merchant stores will be easily accessible when you intend to make a purchase. When paying with your Google Wallet, look for the symbols that say they accept mobile pass, they usually appear on merchant stores with logos for wireless transfer, pay pass or ready acceptance of Google Wallet payment. Once you have identified the item of your purchase, tap the mobile phone near the reader to get access to the NFC tag storing your credit card information. The Google Prepaid Card on the other hand, is a virtual card that you can fund using your existing credit card to make purchases.
Google Wallet can also store gift cards from participating merchants. The electronic code and validity of the same can be stored in Google Wallet in the same way that you have supplied your credit card information. When using the Gift cards/certificates, the information is sent to the terminal of the merchant store recognizing the validity of your gift card and validating your purchase. Google Wallet has been successfully launched and tested in Indonesia and New York. It is set to conquer merchant stores in Europe during the first quarter of 2012 as per announcement by Google VP of Payments, during the NFC Payments Europe 2011 Conference held in London. The city to where it will be launched is still undetermined at the moment.
Google Wallet is a card replacing electronic payment that is set to mark the new age of marketing trend. Google Wallet will be pre-installed in the upcoming versions of 4G smartphones from mobile producers. Mobile manufacturers and telecom providers have started tying up together to release the latest innovation in mobile phones, the integration of NFC tags, to make cashless transactions, card less and highly efficient, secured and convenient.