Mobile payment systems are the newest thing on the subject of financial technology. Some think the products, which use cell phones to make payments ordinarily done with a card, will replace cash and plastic totally. One step is already used, as Google Wallet, Google's mobile payment program, is now dealing with all credit and debit cards, where it previously worked only with MasterCard.
Google Wallet progresses
Many people are waiting for the moment when mobile payments, utilizing a smartphone, will surpass plastic cards and cash forever. Many people are also expecting that competing 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.
However, on the mobile payment front, the issue is settled that near-field communications are the standard for mobile payments. A mobile payment reader "reads" a chip embedded on a smartphone, which is tied to a bank or credit account. The payment deducts the appropriate amount. There are only a couple rivaling products, one of which is Google Wallet, Google's mobile and online payment system. Formerly, it only worked with CitiBank debit and MasterCards, according to ArsTechnica, but now it works with any and every card there is.
Brand new system
Google Wallet, according to TechCrunch will now works with each and every charge card and each and every debit card there is, so long as it is a Visa, MasterCard, American Express or Discover debit card. However, that includes just about every debit card in existence.
Google Wallet consumers 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 purchased at Virgin Mobile or Sprint. That means your options are limited. In fact, the devices contain 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.
Keeping security important
Google really wanted to keep the personal information save, so it added some safety attributes. An individual does not have to store any financial information on their phone. In fact, all account information, after entered in, is stored on Google's secure servers rather than in the smartphone memory. This means the data will be much more protected and will be harder to hack.
There are not enough retailers who have terminals that work with the mobile payment systems though, which makes it hard to really use Google Wallet. Even if you have a phone that can use Google Wallet, you might have trouble processing the payment when the retailers do not have the equipment.
Google Wallet progresses
Many people are waiting for the moment when mobile payments, utilizing a smartphone, will surpass plastic cards and cash forever. Many people are also expecting that competing 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.
However, on the mobile payment front, the issue is settled that near-field communications are the standard for mobile payments. A mobile payment reader "reads" a chip embedded on a smartphone, which is tied to a bank or credit account. The payment deducts the appropriate amount. There are only a couple rivaling products, one of which is Google Wallet, Google's mobile and online payment system. Formerly, it only worked with CitiBank debit and MasterCards, according to ArsTechnica, but now it works with any and every card there is.
Brand new system
Google Wallet, according to TechCrunch will now works with each and every charge card and each and every debit card there is, so long as it is a Visa, MasterCard, American Express or Discover debit card. However, that includes just about every debit card in existence.
Google Wallet consumers 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 purchased at Virgin Mobile or Sprint. That means your options are limited. In fact, the devices contain 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.
Keeping security important
Google really wanted to keep the personal information save, so it added some safety attributes. An individual does not have to store any financial information on their phone. In fact, all account information, after entered in, is stored on Google's secure servers rather than in the smartphone memory. This means the data will be much more protected and will be harder to hack.
There are not enough retailers who have terminals that work with the mobile payment systems though, which makes it hard to really use Google Wallet. Even if you have a phone that can use Google Wallet, you might have trouble processing the payment when the retailers do not have the equipment.
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