Google wallet is a new technology introduced in payments. You can use your smart phone to do this. Read more to know about Google Wallet.
In may 2012 Google announced the release of a mobile payment platform that replaces your traditional and conventional Card payments. Here you may have some questions and may be enthusiastic towards the technology and working model of this GOOGLE WALLET. So I had given the working principle of Google Wallet.
what Google wallet does?
Using an embedded NFC (near-field communications) chip, Google Wallet allows you to use credit cards, coupons, store loyalty cards, etc without actually swiping each card. Instead simply you will have to keep your mobile phone nearer to the payment terminals.
You do not have to bring your card along with you to pay for your purchases at your favorite merchant shops. You can do this by just tapping your phone on the merchants payment terminal.
Android enables you to have this new feature. Yes, this is a android app, that runs on any Android phone that has NFC enabled.
How to activate your credit card to use Google Wallet?
To use this app, just install the Google wallet from market and open the app. Now it will ask you to enter your card details and few more personal information. Google does a background check and authentication via GPRS/3G or WIFI. Your card detail goes to the your card issuer and gets the auth code. This auth code will be found in your inbox immediately after activating the Google wallet.You can able to pay upto 100 USD without entering the auth code.
Google also includes a prepaid card that comes with every Google wallet app. This can be refilled by entering your debit/credit card. This card is useful for those who is scary about using the original credit/debit card with Google wallet.
You have another option in the app to activate and deactivate your card in a single touch to your screen. Just tap your finger on the button available just next to the card to activate and deactivate.
How to perform a transaction with Google wallet?
Making a payment transaction with Google wallet is fair simple. Simply open you google wallet app and bring it to close to the “PAYPASS” terminal and make a smooth tapping on it. that’s it. You are done with your payment and you can also earn your rewards or even you can able to redeem the reward points that you have earned in your card.
This process looks very simple for us. But behind the screen google does lot of processing with highest possible security aspects. In Googles demonstration this process looks very easy, but when it comes in practical, we hope Google can manage things easily with its un comparable infrastructure and powerful servers.
Using Google Wallet coupons
yes, as like in all promotional offers, Google wallet can also have the promotional coupons, these coupons are in digital format. You can get these coupons on shopping sites and upon a single click you will be able to bring to your own Google Wallet. This can be done by clicking “Save to the Wallet” option. This looks like a exact copy of Groupon.
Security measures in Google Wallet
Google is giving a highest importance on the security measures in this system. Google says that “Locking and Deactivating your Google wallet and individual cards is easy. If your phone is Off or if your screen light is off then NFC will not work, thus it enhances the security in using this system. Google Wallet complies with all the security definitions given by “PAYPASS”.
You have the auth code to use the cards. You will have to 0pen the app and you will have to enter your four digit PIN to make the card available for payments in the terminals. Google sends several information as added flavor to the security focus lines.
The another Hardware security is that “Secret Sauce” this is a combination of you NFC chip + Secure element. This combination works like a seperate computer inside your android phone. This has a separate memory which doesn’t have any relationship to your android mobile memory. Only trusted apps can enter inside this memory to access the data. In this case the trusted app is your Google Wallet app.
When you enter your card details it gets stored inside this NFC memory in a strong encrypted format. Decoding is impossible by any algorithms since it has been designed with Google’s own algorithm.
no malware can enter into this secured access area and penetrate. Only authenticated access right enabled device can get the information from this NFC platform. The same technology is used in the ePassports.
If you are using a physical card, anyone can steal it or do a pocket tear to take your card and use it in any merchant shop. But Google wallet is not allows you to use the card without entering the Auth code and thus security is enhanced. Only after you enter the four digit PIN your mobile becomes ready to make the payment.
Google Wallet usage in practical
Many people commented when banks introduced the cards, the people thought that this system gonna be a massive hit as our favourite hollywood acteors movie. So this Google Wallets may look like a impossible solution to have in practical. But when time moves people will start moving towards it.
But how will you pay when your Battery power is low / switched off?
Source:
http://www.techmickey.org/what-is-google-wallet-how-google-wallet-works/