That day has finally arrived, thanks to a technical change in the way Google stores card information.
According to a quote from EWeek.com,”The Google Wallet app now stores your payment cards on highly secure Google servers, instead of in the secure storage area on your phone,” the company explained in an Aug. 1 post on the Google Commerce Blog. “A wallet ID (virtual card number) is stored in the secure storage area of the phone, and this is used to facilitate transactions at the point of sale. Google instantly charges your selected credit or debit card. This new approach speeds up the integration process for banks so they can add their cards to the Wallet app in just a few weeks.”
New security changes by Google make it possible to remotely disable Wallet on a lost or stolen phone by through the Devices section in the user’s online Wallet interface.
But one of the biggest and most popular rumors is regarding the upcoming Apple iPhone 5, which is expected to include NFC technology.
5 Things SMBs Should Know About Google Wallet
Google Wallet has three components: The first enables consumers to pay for in-store purchases using their phone; the second facilitates online payments; the third allows game developers to charge for virtual fare within a game experience. [ Mobile …
About the Author: Melody Wigdahl
Melody Wigdahl is a 25 year veteran of the payments industry, and has been an international ECommerce specialist since 1993. For the last decade, her primary focus as been the area of alternative payments.
Melody has been with UseMyServices since 2003, and enjoys the challenges of being involved with cutting edge technology on a daily basis.
Melody also currently acts as Editor for OnlinePaymentNews.com.