After months of Google lagging behind other companys. Google unveiled its new mobile wallet app Google Wallet on Thursday. The good news is that it’s awesome. The bad news is that it’s extremely limited. For now.
But let’s focus on the positives for now. Unlike other mobile payment apps, the Google Wallet app uses near field communications to securely transmit payment details from your phone to a merchant in a brick-and-mortar store. To pay, you simply enter your Google Wallet PIN and then touch your phone to the payment terminal, which instantly reads your payment details and completes the transaction.
Even better, you don’t need a network connection to pay. Your phone need only be powered on to pay using Google Wallet. And it’s secure. Your financial information is stored in a chip called the Secure Element, which is isolated from your phone’s main operating system and hardware. Only authorized programs like Google Wallet can access the information, and even then, it can only do so after you’ve entered your PIN. The chip is designed so that malicious applications won’t be able to access the information, and even Google Wallet itself has only limited access—it can’t read or write data from its memory.
More info including flaws at http://vator.tv/news/2011-05-26-google-unveils-google-wallet