UK to Open Doors for Google Wallet
Early 2012 may bear witness to the launching of the mobile payment system, Google Wallet. Rumors have it that the system will be using the Olympic Games in London as a testing ground.
Les Echos, the French daily financial newspaper revealed that Google is ”in talks” with French manufacturer, Ingenico, plus several banks and distributors. They are now intent on bringing the Google Wallet service to Europe following the US release last September of 2011.
So, how does this sophisticated new mobile payment system work? Google Wallet allows users to make payments in shops via their mobile phones. Credit is drawn from credit card and store card accounts which will also make it possible for consumers to redeem gift cards and sales discounts. Those sales terminals equipped with Mastercard, PayPass or Visa Paywave features will be able to process Google Wallet payments. As for phones, they need to be NFC-capable.
However, along with the expected product launch comes the usual security issues. Google had confirmed recently that it had withdrawn Google Wallet from the new Samsung Galaxy Nexus handset. Verizon Wireless, the company for Galaxy Nexus itself, requested for the withdrawal.
This of course has brought about doubts and speculations concerning the security of the feature. This coincides with a recent study showing that although smartphone shopping has boomed in the UK, the country simply isn’t cut out at the moment for mobile banking.
Related posts: