Google’s new mobile wallet

 Google has finally launched its mobile wallet in US of course. They have been trialing this new near field communication (NFC) technology since may 2011 in US. NFC allows for wireless connections, data exchange and simplified transactions between two devices in very close proximity, that’s the “near field” hence the name. The technology is linked to Mastercard for now but we are promised that Visa and American Express and Discovery are planned for future versions. Currently only the Nexus S smart phone, running the Google Android operating system is able to use this technology and you will need a Citi Mastercard or Google prepaid card as well, and be in US. All this is some way for anyone in Europe but don’t worry UK will be the first International market in the New Year.

 

In the past I have raised the security issue, I think it is still not fully resolved. However, we are told that transactions require a Mobile wallet 2Personal Identification Number (PIN) and the phone’s screen must be turned on, preventing covert or unwanted payment events, and the wallet function can also be disabled remotely. We will have to see how well this counters the hackers, I want to know what happens when the inevitable occurs and whether the cost is to be carried by me or someone else. What is the likely cost of insurance against fraudulent action? All these need to be answered before I buy into this new technology no matter how convenient.

 

 

 

If you want to know more about the various business and technological models which are being considered for the provision of mobile payments an the internationally renowned Business School in Barcelona (GFT and IESE) has looked in to this (http://bit.ly/pESnlv). I refer you to this article titled “The Holy Grail: The Mobile Wallet”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

http://bit.ly/nZEgS3

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