Google Wallet is a mobile payment system developed by Google that allows its users to store debit cards, 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 (NFC) 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 in the United States only on September 19, 2011.
The service works with the 300,000 plus MasterCard PayPass merchant locations, with Visa licensing their Visa payWave system to Google for use in Wallet as of September 20, 2011.
Read more about Google Wallet: Availability, Partners, Business Model, Security, Security Criticism, PayPal Lawsuit, Privacy
Famous quotes containing the word wallet:
“It seems to be a law in American life that whatever enriches us anywhere except in the wallet inevitably becomes uneconomic.”
—Russell Baker (b. 1925)