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What is GoogleWallet? How it works? How it works in store & how it works

online? Technology used - NFC Where it works? Benefits Payments Securities Privacy Drawbacks

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Android app that makes your phone your wallet. It stores virtual versions of your existing plastic cards on your phone. Simply tap your phone to pay and redeem offers using near field communication, or NFC.

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MasterCard PayPassreader

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Near field communication is used. Which produces radio frequency via RFID(Radio frequency identification device) and matches encryted security code & transports access key.

Distance 4 cm or less.

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It is a set of standards for smartphones & similar devices to establish radio communication with each other by touching or bringing together.

Nfc standards cover communication protocols & data exchange formats & are based on existing radio frequency identification (RFID) standards including ISO/IEC & Felica.

Nfc uses two types of coding- Miller & Manchester.

In miller 0 & 1 bit coding is done whereas manchester is line coding or phase coding which is sed to encode every single data bit.

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Matching encrypted security code and transporting access key.

Due to short transmission range, NFC-based transactions are possibly secure.

Instant payments and coupon delivery using your handset, as we do with your credit card or debit card.

Exchange of information such as schedules, maps, business card and coupon delivery in a few hundred milliseconds.

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It will not disrupt the business model currently in place between banks, payment processors and merchants, as Google is not seeking a percentage of the payment transaction fee.

It enables the provisioning of multiple bank and credit cards, making it accessible to all banks.

It will enable merchants to connect their Google online and mobile advertising directly to offline purchases through Google Offers.

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Google Wallet uses “near field communication” to make secure payments.

NFC is a set of standards for smartphone's to establish radio communication with each other by touching them together or bringing them into close proximity.

It requires pin and additional security. It stores encrypted user information on a

computer chip called “the secure element”. Android device can be locked with PIN. It requires additional pin to activate

antenna of NFCchip.18

It must touch or be in close proximity to a “MasterCard PayPass” reader.

Once the transaction is completed, the antenna is turned off. Additional transactions require the PIN to be entered again.

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Includes storing of data regarding payment information, transaction details, payment attempts and other information.

Much of the data is stored but may not be shared outside Google except under certain circumstances.

The Privacy Policy also indicates that transaction details are not "currently" stored by Google, implying that users' transaction details will be stored at some point.

The storage of such personal information about users' transactions is of significant financial value to a company that earns much of its revenue from data, but may be controversial to users aware of the policies. 

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Can be used only in Sprint Nexus S4G. Google Wallet is still accessible outside

of the application. Hackers could create a way to intercept data by eavesdropping on Google Analytics which monitors apps used on the Android OS.

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