Google launches “Wallet” to enable phone payment feature

Google launches “Wallet” to enable phone payment feature

Posted on May 27th, 2011 by admin

 

Using NFC, Near Field Communications, an enabled phone could be used just like a credit card for payment.  NFC is a wireless technology that operates at close range, around 1.5 inches from the receiver. 

With credit card data securely stored in the phone, users can select the card to be used and simply swipe it at the reader to make a purchase.

This application has huge potential but requires a number of things to be in place to make it wide spread, not the least is acceptance by customers that the technology is secure.  New hardware is needed at the point of sale to receive the payment from smart phones.

See the full story at “Business Week”

http://www.businessweek.com/ap/financialnews/D9NF96EG1.htm