Is Google Wallet the Future?

Technology is continually altering the way in which we interact with the world around us, from our social lives to our financial affairs. However, the emergence of electronic payments has not killed off traditional paper money and credit cards, e-transactions and cash continue to co-exist, with websites like moneysupermarket.com allowing you to get the best deals on services in this sector.

A new way to pay for your money has emerged from search giant, Google, piggybacking on the growing availability of NFC (Near Field Communication) technology. Some people see this as the ultimate replacement for traditional payment options that you would normally keep in your wallet or purse.

This is, perhaps, why the service in question is known as Google Wallet and although it has been slow off the mark, it is building momentum and could break through into the mainstream this year.

Google Wallet is founded in the digital world although, because of the firm’s Android operating system, it is becoming a feature of compatible NFC-enabled smartphones at the same time.

You can use Google Wallet to make payments both in bricks and mortar establishments, as well as via the web. But how does it work, is it secure and what are the benefits over existing options?

What is Google Wallet?

Google Wallet is essentially a replacement for your credit cards, taking your account information and putting it all in one place rather than spread across different slivers of plastic.

If you own a smartphone like the Google Nexus S or Samsung Galaxy Nexus, you can download the Google Wallet app and link it up to your accounts, subsequently using your phone to buy goods and services when you are out and about.

NFC terminals attached to the tills of various shops and outlets will let you tap your handset against them and your account is then charged the amount that is required to be covered in a given transaction.

Is Google Wallet Safe?

To keep things secure, there is a pin number linked to your Google Wallet account, which will need to be entered before a transaction is finalized. Therefore, it will not be easy for thieves to exploit a stolen device.

In addition, there is currently a low cap on the amount that you can spend in one go via NFC and Google Wallet.

This means that you can pick up a few groceries or perhaps even pay for a taxi ride, but you will not be able to shell out for a plasma TV or a major shopping spree, further improving security.

Article submitted by Karl at moneysupermarket.com 

Source : techtalkafrica[dot]com