One of the largest multinational public corporations in the world Google has introduced a relatively new technology known as the Google Wallet. This is a method of mobile payment that enables users to utilize their mobile device as an e-wallet, storing and allowing users easy access to their information.
Google Wallet explained
Google has developed a new technology in their Google Wallet that allows users to use their mobile device as an e-wallet. Its ability to store valuable information regarding credit and debit cards, loyalty cards as well as gift cards enables users to make quick and efficient payments through their phone.
The main purpose of this innovative technology is to aid customers in saving time and money. The virtual wallet allows you to complete payment transactions successfully by just one tap at the point of sale terminal. This works in a similar way to contactless payment where users check whether the merchant offers this online payment solution, which is usually indicated by a symbol at the POS terminal, and then user their phone to make payments.
This enables customers to travel cash and card free as all the information they require regarding their credit and debit cards is stored in their mobile device. Additionally, users can make payments online through entering their account information to the merchant website thus logging into their Google Wallet online.
Moreover, these e-wallets provide high security level for users as in order to use the Google Wallet app, a personal identification number needs to be entered to activate the secure signal to the POS terminal. This signal is lost once the mobile device is far away from the POS terminal and the PIN will have to be re-entered to make other payments. In the case that your debit card is stolen, no transactions can be processed as the personal identification number (PIN) will still be required to complete payments.