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Google Wallet

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Submitted By sonik2001
Words 643
Pages 3
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In the realm of mobile generation, smartphones have already replaced regular phones, music and video players, GPS navigators, cameras, game consoles, alarm clocks, calendars, memo pads et al. For last 5-6 years we have just talked about Phone-as-wallet but Google has recently converted this possibility into a reality by introducing ‘Google Wallet’.
Google Wallet is a free mobile application - wireless, wallet-less way to pay. It offers secured mobile payment service by tapping phone on ‘specialized’ checkout terminal. Google Wallet allows its users to store any number of credit cards, gift cards, and loyalty cards on their smartphones. Google also offers its own prepaid card that can be loaded with money from a bank or a credit card account.
How it Works: Smartphone user enters the credit card information in Google Wallet and registers the card. After the bank issuer of credit card verifies the card details, card information is stored in secure microchip on user’s smartphone. The smartphone is now ready for making payments. User can now tap his/her phone on specially enabled electronic payment pads called ‘paypass’ to pay for their purchases. These specialized paypass devices are designed using ‘NFC- Near Field Communication’ technology that reads the card information from the secure microchip and authorizes the payment. Loyalty cards are used in similar manner and allow shoppers to redeem points or offers for their purchases.
The Google Wallet app is locked with a PIN, making it more secure than the regular wallet. The Secure Element chip, which holds digital payment credentials, doesn't interact with any regular smartphone software and hardware.
Current: Google Wallet functions on smartphones embedded with secure chip. Currently, only Google Nexus S and two BlackBerry models have this chip. Blackberry models are currently not compatible with

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