Google Wallet -Security and Features

google-wallet-phone-tap

It is about time to toss away your credit cards and pay with your phone, and no I am not talking about putting it on your phone bill, that’s just lame (sorry Sweden).  Google Wallet is finally announced. It will give us the ability to use our phones as  virtual carrying cases for the cards.

You will not have to swipe your phone through a reader, just a tap is needed.

You can use pretty much any card that participate; however, Google has sneaked in one of their “credit cards”. Well, actually it is just a prepaid system. You can basically pre-pay your wallet using any card and just use their system.

Security is provided by guarding the system with a separate pin.  If your phone is stolen you can cancel them like a normal card. Finally, the card data is stored in isolated section of the phone which is encrypted.  Of course, it doesn’t mean it is bullet proof. Trust me hackers will find away to dig out your card information, but then again they can already do that from your online transaction.  I don’t think this would be any different.

However,  the idea of just guarding the system with pin is a bit worrisome. A lot of of people will use the same pin as theirs phones to secure this. Remember the phone pin is only 4 digits, so it might easier to figure it out. I hope the future of this technology has finger print reader.

I think we needed this technology yesterday, but better be late than never. This is definitely the first step towards a better shopping experience.  I am still waiting for Virtual Malls though. Happy Shopping!

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