The goal is to increase the pace of innovation for consumers and merchants alike. Google envision a marketplace for payment instruments, commerce and loyalty services, and point of sale equipment compatible with Google Wallet. They believe that consumer and merchant choice will facilitate the growth and adoption of the next generation of commerce and payments technologies.
At launch, Google Wallet will support payments via PayPass-eligible MasterCard cards issued by Citi, and via the Google Prepaid Card. Google Wallet will support additional payment options as soon as we are able to do so. Google are working closely with First Data whose Trusted Service Manager enables over-the-air provisioning of payment card credentials to Google Wallet. First Data is also helping reach out to merchants about contactless payments.
The technology was available in the Nexus S Android phone from Sprint, the third largest wireless operator in the United States. Google uses a technology called short-range communication or near field communication (NFC). This technology allows users to pay via mobile phone at the cash register equipped with NFC.
Google are partnering with Verifone, ViVOTech, Hypercom, and Ingenico to enable offer redemption, loyalty, and receipts via NFC at the point of sale. And They’ve worked with NXP and Samsung to produce the NFC-enabled Nexus S, the first phone to support Google Wallet.
Google will launch this service in five cities, New York, San Francisco, Los Angeles, Chicago, and Washington DC.
Visit Google Wallet official website at http://www.google.com/wallet
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