So what is a Google Wallet? Basically, it’s an app made by Google for your Android device. Avaliable from the Android Market. However, it is currently only avaliable on the Nexus S 4G smartphone. And it only works with a Citi MasterCard and the Google Pre-Paid card at this current time. With the Google Pre-Paid card, the Google card is a virtual card that you fund with your existing credit cards. And they give you $10 for free to start! They have other services such as loyalty card, and soon to be coming transit cards, boarding passes, etc.
So this is how it works. You load up the app when you want to make a transaction, and place the back of the phone against the Paypass system card reader. Now you may be thinking, oh no, RFID technology. Nope. They use Near Field Communication, which is safer than RFID, cause it can’t be read from a longer distance, which RFID cards you can.
The security features to Google Wallet is that you can lock the app with a separate pin code.
So will this be the next version of our wallets? We’ll find out, as we rely more on our smartphone in the 21st century.