Google Wallet App Takes Cloud Approach To Support All Cards
That's a huge boon, and the wide open support for cards may well indeed provide the boost it needed to begin its march toward the mainstream. Wondering how it'll all work? Here's a bit from Google: "To save a card to Google Wallet, just enter the number into the mobile app, online wallet, or Google Play when making purchases. When you shop in-store, you can use Google Wallet in conjunction with your selected credit or debit card for purchases (more info here). Shortly after making a payment, you’ll see a transaction record on the phone with the merchant name and dollar amount. You can now view a history of all your in-store and online purchases from the online wallet."
In order to make this process word, Google had to alter its technical approach to storing payment cards. Now, the app stores it on "highly secure" Google servers, instead of on the phone itself. 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 your 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. Of course, a PIN is still required at the point of purchase, so that should help you rest easy regarding any security qualms. Now, if only it'd hit more phones (and perhaps even the iPhone), we'd be in business.