Google is making a lot of changes to its app called Google Wallet as they seek out to lower the barrier towards mobile payments. The most major change they have done with the app is that they have moved it to the cloud. A user’s key card information will no longer be stored on their phone but will be stored on Google’s servers. It is said to speed up card authentication and make it easier for banks to adopt their payment system should they be interested. All a user has to do to save a card to Google Wallet is to enter the card number when buying something. After making a payment, you will be able to see a transaction record that has the merchant’s name, as well as the amount paid. You may also view all your purchases from their online wallet.
The new, cloud-based version of Google Wallet now supports all credit and debit cards from Discover, Visa, American Express, and MasterCard. This comes in handy for interested users that found out their choice of card was not supported. The app is available on only six phones and the new Nexus7 Tablet which will make an impact on the number of users until they increase the phones that can use it. However, they have partnered with more than 25 national retailers and with MasterCard PayPass, users can pay with mobile wallets at more than 200,000 retail stores all over the country. The new version also allows its users to disable their mobile wallet using their Google Wallet account online.
Another major change comes in the form of security. Google has always tried hard to combine security and openness and for Google Wallet, the latter has been an issue since it started out. They have always had the dedicated Google Wallet PIN that prevents unwanted individuals from making purchases using your Google Wallet. They also encourage their users to set up their phone’s screen lock as an added security measure. The new version has a new security feature that allows its users to disable their mobile wallet remotely in the event of a misplaced, lost, or stolen mobile phone. If your phone is no longer with you, simple go to the ‘Devices’ section on Google Wallet and select the mobile phone that has the wallet that you want to disable. When Google Wallet has been successfully disabled on any device, it will no longer authorize any transactions made with said device. If Google Wallet’s online service manages to establish a connection with the lost device, it will reset your mobile wallet remotely, erasing all transaction and card data.
Their major motivation for making these changes is to entice more people to use it but if they do not step up and add more devices that accept their payment system, they are likely to not see an increase in users.