Google Wallet – a modern substitute to credit cards

In May 2011 Google first announced their new free application called Google Wallet. Except for being launched four months after that, it is an absolutely breaking-through app allowing for Android users to use their credit cards virtually on smartphones by paying in shops, restaurants, hotels etc. It’s as simple as a single tap of a phone on NFC, i.e. near field communication.

Google Wallet is a mobile application designed for the innovative open commerce ecosystem, widely promoted by Google.  The app’s main idea is to securely expand classic wallet capabilities to massive storage of an infinite number of payment cards and Google Offers without the bulk part. The application supports Citi MasterCard and Google Prepaid Card, powered by MasterCard and Money Network.  In cases when customers do not have eligible Citi MasterCard, Google Prepaid Card is an option that is funded with any of the existing plastic credit cards. Google wallet is compatible with only Nexus S4G on Sprint network phones, available in the USA, however it is highly expected to grow the number of cards, devices and networks.

Some retailers are already on board with the new app. It can be used particularly by online shopkeepers displaying a MasterCard PayPass symbol on their website. A buyer enters their PIN on their phone, taps the device on the shop NFC reader and the payment is submitted electronically. At some retail shops, loyalty points and electronic coupons will be passed on as well. In the future Google Wallet is likely to contain gift cards, boarding passes, tickets and electronic house keys. Businesses that are already trying out the new app can be found with the help of MasterCard PayPass Locator for Android app.