To support all credit and debit cards, Google changed its technical approach to storing payment cards. The Google Wallet app now stores payment cards on highly secure Google servers, instead of in the secure storage area on the phone. A wallet ID (virtual card number) is stored in the secure storage area of the phone, and this is used to facilitate transactions at the point of sale. Google instantly charges the end-user's selected credit or debit card. This new approach speeds up the integration process for banks so they can add their cards to the Wallet app in just a few weeks.
The company also added a Google Wallet security feature that makes it possible for end-users to remotely disable their mobile wallet on a lost phone. In case they lose their phone, end-users need to visit the ‘Devices’ section in the online wallet and select the phone with the mobile wallet they wish to disable. When they successfully disable their wallet on a device, Google Wallet will not authorise any transactions attempted with that device. If the Google Wallet online service can establish a connection to the end-user's device, it will remotely reset their mobile wallet, clearing it of card and transaction data. The new Google Wallet app is available now on Google Play.
Since it released the first version of Google Wallet, Google made it available on six phones from Sprint and Virgin Mobile, as well as the new Nexus 7 tablet. It also partnered with more than 25 national retailers, and thanks to MasterCard PayPass, users can pay with their phone at more than 200,000 retail locations across the US.
