Mobile payment systems are the newest thing on the subject of financial technology. Some think the systems, which use smartphones to make payments ordinarily done with a card, will replace cash and plastic completely. One step is already taken, as Google Wallet, Google's mobile payment system, is now dealing with all credit and debit cards, where it previously worked only with MasterCard.
Moving forward at Google
Lots of people are waiting for the moment when mobile payments, utilizing a smartphone, will surpass plastic cards and cash forever. A lot of people are also anticipating that rivaling hordes of robotic terminators will be unleashed by Apple, Google and Microsoft to battle for supremacy and the victors will become overlords of the earth, and will subjugate mankind.
There are only a couple of products out right now with the technology to "read" a chip in a smartphone that is died to a credit or debit account. One of the available options is Google Wallet, Google's mobile and online payment system. The system now works with all cards out there, though originally it only worked with CitiBank debit and MasterCards, according to ArsTechnica. The payment reader simply reads the info and takes the right amount from the account.
Mobile payments moving forward
Almost every debit card will be covered with Google Wallet if you want to use it as long as it is Visa, MasterCard, American Express or Discover, according to TechCrunch.
Google Wallet users will appreciate the change, though there are not very many of them at this point. Of the 8 devices that currently support Google Wallet, 5 are only accessible at Sprint. There is one that could be bought at Virgin Mobile or Sprint. That means your options are limited. In fact, the devices include four from the Samsung Nexus line. The other ones consist of the HTC EVO 4G LTE, the Asus Nexus 7 tablet, the LG Viper and the LG Optimus Elite.
Making it safe
The memory on a smartphone no longer stores the data; instead, it is stored on Google's secure servers. That means it is easier to keep away from getting all sensitive data necessary for the purchase hacked. All you have to do is put in your account data for the card on the servers. You may also choose to wipe all financial data off the gadget with another brand new security benefits.
There are not enough retailers who have terminals that work with the mobile payment products though, which makes it hard to actually use Google Wallet. Even when you have a phone that can use Google Wallet, you may have trouble processing the payment when the retailers do not have the equipment.
Moving forward at Google
Lots of people are waiting for the moment when mobile payments, utilizing a smartphone, will surpass plastic cards and cash forever. A lot of people are also anticipating that rivaling hordes of robotic terminators will be unleashed by Apple, Google and Microsoft to battle for supremacy and the victors will become overlords of the earth, and will subjugate mankind.
There are only a couple of products out right now with the technology to "read" a chip in a smartphone that is died to a credit or debit account. One of the available options is Google Wallet, Google's mobile and online payment system. The system now works with all cards out there, though originally it only worked with CitiBank debit and MasterCards, according to ArsTechnica. The payment reader simply reads the info and takes the right amount from the account.
Mobile payments moving forward
Almost every debit card will be covered with Google Wallet if you want to use it as long as it is Visa, MasterCard, American Express or Discover, according to TechCrunch.
Google Wallet users will appreciate the change, though there are not very many of them at this point. Of the 8 devices that currently support Google Wallet, 5 are only accessible at Sprint. There is one that could be bought at Virgin Mobile or Sprint. That means your options are limited. In fact, the devices include four from the Samsung Nexus line. The other ones consist of the HTC EVO 4G LTE, the Asus Nexus 7 tablet, the LG Viper and the LG Optimus Elite.
Making it safe
The memory on a smartphone no longer stores the data; instead, it is stored on Google's secure servers. That means it is easier to keep away from getting all sensitive data necessary for the purchase hacked. All you have to do is put in your account data for the card on the servers. You may also choose to wipe all financial data off the gadget with another brand new security benefits.
There are not enough retailers who have terminals that work with the mobile payment products though, which makes it hard to actually use Google Wallet. Even when you have a phone that can use Google Wallet, you may have trouble processing the payment when the retailers do not have the equipment.
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