Google has been consistently coming out with a lot of new products that have met with a lot of success. One of the most ambitious Google projects to be unveiled to the public is Google Wallet, which could be considered a highly effective payment platform using smartphones. So how does Google Wallet work?
Google Wallet uses an embedded near-field communications or NFC chip that allows users to use their credit cards, debit cards, coupons, store loyalty cards and other payment or discount products without having to physically use the card. With the use of the NFC chip, all the user needs to do is to use their smartphone and tap it onto a payment receiver to initiate and complete the transaction. Bigtime brands like Visa, MasterCard, Discover and American Express have already thrown their support for Google Wallet and will become part of the whole Google Wallet system. [Read more…]