Mobile payment products are the next big thing with regards to 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. Article source:

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Moving forward at Google

People think that cash and plastic cards will be gone forever soon when smartphone payments start to become the norm. There should be a ton of competition too considering Apple, Google and Microsoft are always fighting over providing the newest technology to consumers.

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 right 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.

Really good for future of mobile payments

TechCrunch announced that almost all charge cards will be covered by the Google Wallet change. There will be few charge cards not covered since Discover, American Express, MasterCard and Visa are now all participating in the program.

Google Wallet customers 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 avoid getting all sensitive information necessary for the purchase hacked. All you have to do is put in your account info for the card on the servers. You can also choose to wipe all financial information off the machine with another brand new security features.

Even those people who have a phone that can use Google Wallet may not be able to use it very often. First they have to find a retailer who has a terminal to read the information. There are not a ton of retailers with this right now, which makes it really hard.

Sources
ArsTechnica
TechCrunch
Google