Today, Google announced a new mobile payment system, called Google Wallet, that may just change the way we purchase goods and services. Google Wallet is essentially an app that turns your Android into a wallet by storing virtual versions of your existing plastic cards on your phone. Payments are made simply by tapping on your phone to pay and redeem offers using near field communication (NFC). It will first launch on Sprint’s Nexus S 4G, with more devices gaining support in the future. So, how does it all work? Watch the promotional video and read on to find out.
Payments, offers, loyalty, and so much more
Google Wallet has been designed for an open commerce ecosystem. It will eventually hold many if not all of the cards you keep in your leather wallet today. And because Google Wallet is a mobile app, it will be able to do more than a regular wallet ever could, like storing thousands of payment cards and Google Offers but without the bulk. Eventually your loyalty cards, gift cards, receipts, boarding passes, tickets, even your keys will be seamlessly synced to your Google Wallet. And every offer and loyalty point will be redeemed automatically with a single tap via NFC.
The future of commerce starts today
Google Wallet is coming soon. When it launches, you’ll be able to use Citi® MasterCard® cards and the Google Prepaid Card with Google Wallet. You’ll be able to tap to pay at hundreds of thousands of merchants. At launch, Google Wallet will be compatible with Nexus S 4G by Google, available on Sprint. Over time, we plan on expanding support to more phones.
When Google Wallet launches, it will support these cards:
- Citi® MasterCard®
- the Google Prepaid Card
- gift cards at participating merchants
Offers & Loyalty
Google Offers are deals on products and services at local or online businesses. Whenever you buy or save a Google Offer, it automatically syncs to your Google Wallet so your offers are always with you. Google Wallet can also store loyalty cards for participating merchants.
Redeeming Google Offers
At most stores, simply show your offer to the cashier at check out. The cashier will either scan the offer’s barcode or manually type it in. At participating Google SingleTap™ merchants, you can pay and redeem your offer in a single tap via NFC.
Finding Google Offers
Google Offers are available in different Google products, such as Google Search, Maps, Latitude, and Shopper. You can also learn more about the Google Offer of the Day at www.google.com/offers.
Google Wallet can store your loyalty cards for participating SingleTap merchants. When you tap to pay at a SingleTap merchant, Google Wallet transmits your loyalty account information to the terminal so that you earn rewards for your purchase.
A locked wallet is a safer wallet
Google Wallet requires you to set up a Google Wallet PIN that must be entered before making a purchase. This PIN prevents unauthorized access and payments via Google Wallet. Android phones also feature a separate lock screen.
Google Wallet and MasterCard PayPass™ provide many layers of security. 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. The secure encryption technology of MasterCard PayPass protects your payment card credentials as they are transferred from the phone to the contactless reader.
What to do if your phone is lost or stolen
Even though the Google Wallet PIN and Secure Element protect your payment card information, you should still call your issuing banks to cancel your cards.