Mobile payment products are the next big thing with regards to financial technology. Some think the products, which use cell phones to make payments ordinarily done with a card, will replace cash and plastic totally. One step is already used, as Google Wallet, Google's mobile payment program, is now working with all credit and debit cards, where it formerly worked only with MasterCard. Article resource:

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Settling issue with Google Wallet

Apple, Google and Microsoft seem to be battling for the opportunity to rule the planet with their electronics. That is why they are anticipated to fight a lot over offering the product that gets rid of plastic cards and money forever in place of a smartphone. There are people waiting for that day to take place.

Google Wallet is one of the corporations that have mobile payment products that work well right now. It used to only offer the option to CitiBank debit and MasterCards, according to ArsTechnica, but is has changed its system to work with anything. The mobile payment reader just reads the info on a smartphone and connects it to a bank or credit account. Then, the appropriate amount is used out. It is a really easy system, and there are only a few out that work right now.

New system

Almost every debit card will be covered with Google Wallet if you want to use it as long as it is Visa, MasterCard, American Express or Discover, according to TechCrunch.

Google Wallet customers will appreciate the change, though there are not very many of them at this point. Of the 8 devices that currently support Google Wallet, 5 are only accessible at Sprint. There is one that could be purchased at Virgin Mobile or Sprint. That means your options are limited. In fact, the devices include four from the Samsung Nexus line. The other ones contain the HTC EVO 4G LTE, the Asus Nexus 7 tablet, the LG Viper and the LG Optimus Elite.

New security attributes too

Google really wanted to keep the personal information save, so it added some safety features. An individual does not have to store any financial information on their phone. In fact, all account info, after entered in, is stored on Google’s secure servers rather than in the smartphone memory. This means the info will be much more protected and will be harder to hack.

Even those people who have a phone that can use Google Wallet may not be able to use it very often. First they have to find a retailer who has a terminal to read the info. There are not a lot of retailers with this right now, which makes it really hard.

Sources
ArsTechnica
TechCrunch
Google