Google Wallet is out now

NEW YORK: Google's Wallet is getting thicker, with the addition of Visa, American Express and Discover to the search company's payment system, which aims to make cellphones the credit cards of tomorrow.

MasterCard, the other major payment processor, is already part of the project. And Google released the Wallet application on Monday for one Sprint smartphone for users with MasterCards.

People with that phone will be able to "load" a Citibank MasterCard into the Wallet application on the phone, and pay by tapping the phone to wireless-capable payment terminals in stores instead of swiping a credit card. Visa, American Express and Discover cards are set to appear later. Visa plans to bring out its own, competing wallet application as well. 

What is Google Wallet? 
Google Wallet is a mobile payment system developed by Google that allows its users to store credit cards, loyalty cards, and gift cards among other things, as well as redeeming sales promotions on their mobile phone. Google Wallet uses near field communication to "make secure payments fast and convenient by simply tapping the phone on any PayPass-enabled terminal at checkout."
Google demonstrated the app at a press conference on May 26, 2011. The app was released on September 19, 2011. 

A locked wallet is a safer wallet

Google Wallet requires you to set up a Google Wallet PIN that must be entered before making a purchase. This PIN prevents unauthorized access and payments via Google Wallet. Android phones also feature a separate lock screen.

 
Secure technology

Google Wallet and MasterCard PayPass™ provide many layers of security.
Google Wallet stores your encrypted payment card credentials on a computer chip on your phone called the Secure Element. Think of the Secure Element as a separate computer, capable of running programs and storing data. The Secure Element is separate from your Android phone's memory. The chip is designed to only allow trusted programs on the Secure Element itself to access the payment credentials stored therein.
The secure encryption technology of MasterCard PayPass protects your payment card credentials as they are transferred from the phone to the contactless reader.

 
What to do if your phone is lost or stolen

Even though the Google Wallet PIN and Secure Element protect your payment card information, you should still call your issuing banks to cancel your cards.

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