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Google Wallet’s arrival! What is it?

Officially announced this Thursday, Google wallet has arrived in US bringing brand new changes to online payment systems. With Google wallet you can just wave your mobile on Mastercard paypass terminals and the payment will automatically be made.

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Yes it is that easy. This facility has been currently introduced only on the Nexus S handsets. Google wallet works only on NFC (Near-Field-Communications) based smartphones. According to engadget, this service also works on non-NFC phones but will require a NFC sticker instead.

How does it work: The working is pretty simple.Your card number and all the transaction information is encrypted and stored on a tamper-proof chip from NXP Semiconductor onto the smartphone. Google is calling this functionality as the “Secure Element”, according to CNET. Customers just need to enter their PIN to open the Google wallet application and carry on their transactions.

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What If? Yes exactly, i was too wondering about that. Fortunately there are no What If’s!!! Google has assured us that if there be a chance that your phone is lost your banking credentials will not be compromised and your financial entities will be left intact. A thief should firstly have to bypass your smartphone security and then has to bypass Google Wallet App security. That’s not as easy as it sounds. Bypassing Google Wallet security is no child’s game, if the app senses a wrong password has been entered too many times, the SECURE ELEMENT locks in itself. No transactions can be carried out in this state and can only be revived by resetting it. Successful reset can be performed only when a secret combination is entered provided by the issuing bank, the Trusted Service Manager and the user. Same is the procedure if you forget your PIN.

For other dangerous ideas that slug your mind, you can read an article here to address all your possible vulnerability issues.

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Google Wallet is currently only available in US, but slowly it will hit our streets too. Google has described a nice and simple pictorial representation of how Google Wallet works, check it out over here.

Don’t forget to share your comment on this story! We would like to know your opinion of what do you think about the new Google Wallet. Will it prove to be a success and replace Paypal and all other online payment services or will you review your options and then decide?

  • Google has the best talent pool in this world and there’s no doubt about it. And this is the reason which makes it so successful in innovation. It is going to emerge as one multicorp giant which has it all under its control, and providing facilities like never before.

    • Yes i agree with you really amazing 🙂

    • google sure is one hell of a company. only time will tell us if wallet is going to make any difference. lots of people are already very paranoid about using online payment services and on top of that if they are not secure enough, they will definitely not adopt it!

    • Mobile Apps for Events

      I agree with you

  • Again new and useful revolution from Google.Making human life more easy in web world.

  • That is pretty ambitious, especially when you know people have issues with credit card security. I’m not sure I would want to pay via mobile phone.

    • Yes security is major factor for transaction, hope google has very powerful security system for google wallet

  • while I understand why people would like this, I am still a little wary, what if your phone is stolen it is that much easier for them to get even more.

    • no worries! with the presence of the SECURE ELEMENT in the google wallet your phone wont be compromised even if its lost. its quite hard to misuse it and almost impossible to hack it! 🙂

  • I can now imagine how online shopping or online business could be very easy to utilize with the help of this Google Wallet. I hope the launching of this program will be successful. I can’t wait to see what the packages that is included in here.