UPDATE: Here’s What You Need to Know About Google Wallet
>By James Lenhart
Sprint is rolling out an update to all Nexus S 4G owners as we speak to take advantage of Google Wallet and the NFC technology built into the handset. The only catch is that it’s being confined to New York and San Francisco as expected. Back in May, Google announced that it would initially launch in a limited area with the help of their partners: Citibank, MasterCard, Verifone, First Data, and Sprint. Essentially, the goal is to take your existing forms of payment and link them to your Google Wallet where you can find offers, and quickly pay for things all from your device.
In order to use Google Wallet you’ll need to have either a PayPass supported physical Citi MasterCard, or you can pre-pay funds onto a Google card from any credit card all within the app itself. There’s also the option to purchase gift cards from select retailers, although, American Eagle Outfitters is the only retailer supporting gift cards at the moment.
For many, security is big concern and Google assures that measures have been put in place to make sure nobody is scanning your body for your digital wallet. If the display is off, so is the NFC chip. Also, after a certain duration you will be asked to enter your 4-digit pin again before finalizing your purchase.
Technically, the structure is already there for this to work across the country, but Google needs more devices and more support from retailers to make this big. We love the idea of a digital wallet, however, it makes it hard to use when several restrictions are put in place. It’s likely that users will get tired of not being able to pay with their phone, and will more than likely stick to what’s easier. Whatever that is and however it happens is still in question, but as of right now this is just another form of payment that will take some time before it gets adopted by the masses.
Check out the source for a full review, video, and demo of the product.
UPDATE: Google partners with Visa Inc.