Mobile payment products are the newest thing when it comes to financial technology. Some think the products, which use smartphones to make payments ordinarily done with a card, will replace cash and plastic entirely. One step is already taken, as Google Wallet, Google's mobile payment system, is now working with all credit and debit cards, where it formerly worked only with MasterCard.
Settling issue with Google Wallet
Lots of people are waiting for the moment when mobile payments, utilizing a smartphone, will surpass plastic cards and cash forever. Some people are also expecting that competing hordes of robotic terminators will be unleashed by Apple, Google and Microsoft to battle for supremacy and the victors will become overlords of the earth, and will subjugate mankind.
There are only a couple of products out right now with the technology to "read" a chip in a smartphone that is died to a credit or debit account. One of the available options is Google Wallet, Google's mobile and online payment system. The system now works with all cards out there, though initially it only worked with CitiBank debit and MasterCards, according to ArsTechnica. The payment reader simply reads the data and takes the appropriate amount from the account.
Really good for future of mobile payments
TechCrunch publicized that almost all charge cards will be covered by the Google Wallet change. There will be few charge cards not covered since Discover, American Express, MasterCard and Visa are now all participating in the program.
There are not a lot of Google Wallet customers right now, but the change was for them. About half of Google's list of supported devices is Samsung. Other devices that will support Google Wallet include the Asus Nexus 7 tablet, the LG Viper, the LG Optimus Elite and the HTC EVO5G LTE. There will be 8 devices used total. Sprint and Virgin Mobile have the biggest advantage because most of those devices are only accessible through them.
Other security features
What is changed is that the account data is stored on Google's secured servers, rather than the secure memory in a smartphone. One merely needs enter their account info for their card or cards, and they are good to go. This makes the sensitive data connected with the account less susceptible to hacking. New security features also allow users to entirely wipe their financial information from the device and their account if they desire.
However, one issue with mobile payment systems are that only a few retailers have terminals with NFC readers, so there aren't too many stores one can really use Google Wallet in. At the moment, the few devices that can use it can only be used in one of the few stores that can process the payment.
Settling issue with Google Wallet
Lots of people are waiting for the moment when mobile payments, utilizing a smartphone, will surpass plastic cards and cash forever. Some people are also expecting that competing hordes of robotic terminators will be unleashed by Apple, Google and Microsoft to battle for supremacy and the victors will become overlords of the earth, and will subjugate mankind.
There are only a couple of products out right now with the technology to "read" a chip in a smartphone that is died to a credit or debit account. One of the available options is Google Wallet, Google's mobile and online payment system. The system now works with all cards out there, though initially it only worked with CitiBank debit and MasterCards, according to ArsTechnica. The payment reader simply reads the data and takes the appropriate amount from the account.
Really good for future of mobile payments
TechCrunch publicized that almost all charge cards will be covered by the Google Wallet change. There will be few charge cards not covered since Discover, American Express, MasterCard and Visa are now all participating in the program.
There are not a lot of Google Wallet customers right now, but the change was for them. About half of Google's list of supported devices is Samsung. Other devices that will support Google Wallet include the Asus Nexus 7 tablet, the LG Viper, the LG Optimus Elite and the HTC EVO5G LTE. There will be 8 devices used total. Sprint and Virgin Mobile have the biggest advantage because most of those devices are only accessible through them.
Other security features
What is changed is that the account data is stored on Google's secured servers, rather than the secure memory in a smartphone. One merely needs enter their account info for their card or cards, and they are good to go. This makes the sensitive data connected with the account less susceptible to hacking. New security features also allow users to entirely wipe their financial information from the device and their account if they desire.
However, one issue with mobile payment systems are that only a few retailers have terminals with NFC readers, so there aren't too many stores one can really use Google Wallet in. At the moment, the few devices that can use it can only be used in one of the few stores that can process the payment.
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