Google had developed a mobile payment system called Google Wallet with which you can store credit cards, debit cards, gift cards and loyalty cards on your phone or computer. Google states that their newest version of the Google wallet app supports all the credit and debit cards of its users. These can be carried anywhere with you on your phone or computer, to shop in-store and online. Presently, Google Wallet supports all major credit cards and debit cards from MasterCard®, Visa®, American Express® and Discover® and these are stored on Google servers which are highly secure.
Google Wallet Functionality
The software used is an Android app known as Google Wallet and this stores all of your credit card information on a Smartphone. The hardware used is a Smartphone equipped with NFC technology. NFC refers to Near Field Communication which is a new wireless technology that permits the information of credit card to be transmitted to the merchant while the phone is tapped at the payment terminal. At present, it is available on Sprint and Virgin Mobile phones, which include the Samsung Galaxy S3, Samsung Galaxy Nexus, LG Viper, LG Optimus Elite, and HTC EVO 4G.
Google Wallet’s Usage on your Phone
When you intend to make an in-store purchase at a store, at checkout, your phone has to be tapped to an NFC terminal and with the Google Wallet app from your phone, any of the credit or debit cards can be used. The payment information is sent to the terminal by your phone. Automatic redemption of Google Offers from participating merchants takes place. Since the Google Offers sync to the phone automatically, they always remain with you. When you tap your phone at the terminal, you will be prompted to input your PIN for verification purposes to ensure that you are the one using your phone and not someone else. The usage of a PIN and the capability to disable Google Wallet remotely ensure security.
Google Wallet’s Usage in the Online World
In addition to using Google Wallet on your phone, they can also be used online. These transactions performed online using Google Wallet are much easier ones. It is sufficient to sign in just once and proceed to shop online with the numerous merchants. To make payments, you will have to click and sign in to your account. This eliminates the necessity for multiple account creations or to even re-enter your payment information at each time you shop. There is no disclosure of credit and debit card information stored online to any retailer. It is possible to view online all your card information, shipping addresses, transaction history etc. Good security is provided as the password and all the payment information are encrypted and stored on secure servers.
Security
The payments made using Google Wallet are safe and secure, no matter whether you use them on your phone or online. Google declares it to be much safer than a traditional wallet.
- Locking Features:
In comparison to traditional wallets, Google Wallet is password protected. Unauthorized access using your phone is prevented by prompting to enter a 4 digit Google Wallet PIN. Android’s screen lock feature in your phone can also be used for added security. Your information is secure during online transactions due to multiple layers of password protection from Google, thereby creating a defense mechanism against cyber criminals.
- Remote Control Features:
In the event when your phone gets stolen or lost, remote disabling of your account can be performed online at wallet.google.com/manage. Following the Google Wallet account disabling, the individual cards will still function. On the other hand, disabling of your phone will take place to prevent authorized purchase, once a successful reset is made.
- Data Encryption:
The secure servers contain the credit and debit cards stored in Google Wallet in a secure place in an encrypted format. When its users make a payment for a transaction in-store, the payment is made to the merchant by Google and only then is the transaction processed with the credit or debit card chosen by the user. Hence, the real payment card information is not receivable by either the merchant or the Android operating system, which adds to the security.
- Account Numbers Hidden:
The account numbers on the cards of Google Wallet are kept hidden at all times. When you perform a transaction in-store with Google Wallet, the card numbers are not visible when the cards appear on the phone. When payment is made for online transactions with Google Wallet, only the last 4 digits are shown.
- No Sharing of Credit or Debit Info.
Any of your credit or debit card information stored in the Google Wallet is not shared with any merchant by Google, either online or offline. Except the account holder, no one else has access to that information.
Security Concerns
It may pose a potential security threat to roam everywhere with your credit or debit card on your phone. If your phone gets lost or stolen and if the criminals are successful to break into Google Account, they may be able to have access to your credit card numbers. If you intend to use Google Wallet as a mobile payment system, the 4 digit PIN will have to be used and you will not be using your Google Account password which you normally use. Therefore, in the case when you lose your phone or if it is stolen, you can easily disable Google Wallet remotely. It is also good to setup 2-step verification of Google accounts for better security. Select a secure PIN to enhance the security features of Google Wallet.
Originally posted 2012-12-12 06:00:23. Republished by Blog Post Promoter
