Mobile payment products are the newest thing with regards to financial technology. Some think the systems, which use smartphones to make payments ordinarily done with a card, will replace cash and plastic totally. One step is already taken, as Google Wallet, Google's mobile payment program, is now dealing with all credit and debit cards, where it previously worked only with MasterCard.
One little step for Google Wallet
Apple, Google and Microsoft seem to be battling for the chance to rule the planet with their electronics. That is why they are expected to fight a lot over offering the product that gets rid of plastic cards and cash forever in place of a smartphone. There are people waiting for that day to happen.
However, on the mobile payment front, the issue is settled that near-field communications are the standard for mobile payments. A mobile payment reader "reads" a chip embedded on a smartphone, which is tied to a bank or credit account. The payment deducts the right amount. There are only a couple rivaling systems, one of which is Google Wallet, Google's mobile and online payment system. Previously, it only worked with CitiBank debit and MasterCards, according to ArsTechnica, but now it works with any and every card there is.
Massive jump
Google Wallet, according to TechCrunch will now works with each and every credit card and each and every debit card there is, so long as it is a Visa, MasterCard, American Express or Discover debit card. However, that involves just about every debit card in existence.
The primary focus of this change is for mobile Google Wallet users, who at the moment are few. Google Wallet is only supported on 8 devices, almost all of which are the Samsung Nexus line. In fact, according to Google's list of supported devices, half are Samsung. The remaining four are the LG Viper, LG Optimus Elite, the HTC EVO 4G LTE and the Asus Nexus 7 tablet. Of those devices, five are only accessible through Sprint. The LG Optimus Elite is accessible through Sprint and Virgin Mobile.
Making it safe
What is changed is that the account information is stored on Google's secured servers, rather than the secure memory in a smartphone. One merely needs enter their account data for their card or cards, and they are good to go. This makes the sensitive information connected with the account less susceptible to hacking. New security attributes also allow customers to completely wipe their financial information from the machine and their account if they desire.
There are not enough retailers who have terminals that work with the mobile payment products though, which makes it hard to really use Google Wallet. Even if you have a phone that can use Google Wallet, you might have a hard time processing the payment when the retailers do not have the equipment.
One little step for Google Wallet
Apple, Google and Microsoft seem to be battling for the chance to rule the planet with their electronics. That is why they are expected to fight a lot over offering the product that gets rid of plastic cards and cash forever in place of a smartphone. There are people waiting for that day to happen.
However, on the mobile payment front, the issue is settled that near-field communications are the standard for mobile payments. A mobile payment reader "reads" a chip embedded on a smartphone, which is tied to a bank or credit account. The payment deducts the right amount. There are only a couple rivaling systems, one of which is Google Wallet, Google's mobile and online payment system. Previously, it only worked with CitiBank debit and MasterCards, according to ArsTechnica, but now it works with any and every card there is.
Massive jump
Google Wallet, according to TechCrunch will now works with each and every credit card and each and every debit card there is, so long as it is a Visa, MasterCard, American Express or Discover debit card. However, that involves just about every debit card in existence.
The primary focus of this change is for mobile Google Wallet users, who at the moment are few. Google Wallet is only supported on 8 devices, almost all of which are the Samsung Nexus line. In fact, according to Google's list of supported devices, half are Samsung. The remaining four are the LG Viper, LG Optimus Elite, the HTC EVO 4G LTE and the Asus Nexus 7 tablet. Of those devices, five are only accessible through Sprint. The LG Optimus Elite is accessible through Sprint and Virgin Mobile.
Making it safe
What is changed is that the account information is stored on Google's secured servers, rather than the secure memory in a smartphone. One merely needs enter their account data for their card or cards, and they are good to go. This makes the sensitive information connected with the account less susceptible to hacking. New security attributes also allow customers to completely wipe their financial information from the machine and their account if they desire.
There are not enough retailers who have terminals that work with the mobile payment products though, which makes it hard to really use Google Wallet. Even if you have a phone that can use Google Wallet, you might have a hard time processing the payment when the retailers do not have the equipment.
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