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Google has officially announced a mobile electronic payment called Google Wallet at an event in New York. The company has also made a number of partnership like Citi, MasterCard, First Data and Sprint to help it become a key in the mobile payment. Besides, It has several reatail partners like Macy's, Subway, Walgreens, Toys"R"Us, Noah's Bagels, Peet's Coffee & Tea, Foot Locker, The Container Store, and American Eagle Outfitters.
Google Wallet will made your shopping easier as you can pay for purchasing using NFC (near filed communication) technology, of course, after entering your credit/ debit card details.
Is it secure? Let's Google explain: " Google Wallet stores your encrypted payment card credentials on a computer chip on your phone called the Secure Element. Think of the Secure Element as a separate computer, capable of running programs and storing data. The Secure Element is separate from your Android phone's memory. The chip is designed to only allow trusted programs on the Secure Element itself to access the payment credentials stored therein."
GigaOm also reported that the financial information will be stored on the secure chip on the phone that will self destruct if tampered with. Besides, Google can erase all financial information remotely if a phone is lost.
"Your phone will be your wallet. Just tap, pay, and save," said Stephanie Tilenius, Google's vice president of commerce, at the New York announcement.
Although there is only one device, the Google Nexus S that supports NFC technology, Sprint has a plan of releasing several handsets equipped with NFC technology later this year.
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GigaOm also reported that the financial information will be stored on the secure chip on the phone that will self destruct if tampered with. Besides, Google can erase all financial information remotely if a phone is lost.
"Your phone will be your wallet. Just tap, pay, and save," said Stephanie Tilenius, Google's vice president of commerce, at the New York announcement.
Although there is only one device, the Google Nexus S that supports NFC technology, Sprint has a plan of releasing several handsets equipped with NFC technology later this year.
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