Once upon a time, long long ago humans used to purchase items by exchanging personal belongings, everything from livestock and weapons to silk and human skulls. A typical transaction could have gone something like, You give me 7 cows and a gun and I’ll give you 10 chickens, a handful of tea and spices and a human skull. (Okay, well maybe not exactly like that.) Our form of currency has evolved rapidly since 6000 B.C. from shells to metal, leather, paper and gold etc.
Google plans to replace your wallet with a phone, but we have a feeling girls will still be holding on to these beauties.
Now, search engine giant Google, has set forth to reinvent the wheel once again with their newly unveiled Google Wallet. This comes with no surprise with the popularity of online electronic payments and mobile apps such as square; it was only a matter of time before Google would replace the handy leather material we all carry in our purses and back pockets. Here is how it works:
The Near Field Communications payment system already has partnerships with Mastercard, First Data, Sprint, Citi and Sprint and runs on an Android (yes Android- not iphone!) operating system. Payments which can be made with a simple tap are powered by your existing credit card as well as their soon to come Google Prepaid Cards. Furthermore, it also functions as a store shopper loyalty card which can get you points receipts, gift cards, boarding passes and sporting event tickets.
Now, our Los Angeles website design studio knows what you’re thinking. Is this safe? Is someone going to hack into my phone and steal all my money? Well, Google has already thought of that. The NFC antenna on your phone will only be activated when its screen is powered on and the card data is fully encrypted. It will also require a PIN to allow transmission of payment credentials which should stop nearby hackers and skimmers from stealing your information. The NFC chip is isolated from the phone’s operating system (which should prevent a complete system failure) and is secured against any physical tampering. And last, but not least, it has a “reset” button that can delete all of your payment info at any time.
So far, so good. We’re sure it’s only a matter of time before other tech companies will follow Google’s lead.