Google officially rolled out its Google Wallet mobile paymnet system on last monday. Google wallet is now available only on Sprint nexus 4G, It works with Citi-Mastercards and Google Prepaid Card.
How it Works:
Tying into the near field communication (NFC) system built into select Android handsets, Google Wallet allows your phone to act as your credit card. By tapping your Android phone against a compatible card reader available in select retailers, your payment credentials are transferred to the merchant without any swiping.
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.
If your phone is stolen, Google Wallet PIN and Secure Element protect your payment card information which prevents
others making a purchase with your phone.
Google Offers are deals on products and services at local or online businesses. Whenever you buy or save a Google Offer, it automatically syncs to your Google Wallet so your offers are always with you.
Near field communication, or NFC, allows for simplified transactions, data exchange, and wireless connections between two devices in close proximity to each other. Co-invented by NXP Semiconductors and Sony in 2002, NFC technology is being added to a growing number of mobile handsets to enable mobile payments.
The Near Field Communication Forum (NFC Forum) formed in 2004 promotes sharing, pairing, and transactions between NFC devices and develops and certifies device compliance with NFC standards.
NFC devices can read NFC tags to get more information or an audio or video presentation. NFC can share a contact, photo, song, application, or video.
Uses of NFC:
It is used in Social Networking to instantly share a contact, photo, video or a url.
It expands eCommerce opportunities increases transaction speed and accuracy which in turn increases productivity.
An NFC device may make a payment like a credit card by touching a payment terminal at checkout or a vending machine when a PIN is entered.
Tap an NFC device to purchase rail, metro, airline, movie, concert, or event tickets.
Belkin International, Inc., is a Californian manufacturer of computer hardware that specializes in connectivity devices launches packaging QR code campaign on select networking products.
Belkin International’s packaging features QR barcodes on select networking products. When Scanned from the smartphone with a QR reader it takes the user to belkin’s mobile site where users can find more info on the particular product.
The QR codes are cost effective means of connecting the physical world to the interactive world and driving traffic to their mobile internet site.