Google Wallet Security Questioned. Google's contactless mobile payment application, Google Wallet, has long been thought by experts to be secure due to its use of a hard-to-break secure hardware element for handling cardholder credentials and account information.
But the fledgling app has failed a security test conducted by viaForensics, primarily for storing too much of consumers' personal data on the phone. While the app doesn't store the customer's entire credit card number, it does store the user's name, credit card balance, limits, expiration date, and transaction dates and locations on the phone itself (in the application's databases directory). The last four digits of the user's card number and email address are also recoverable from the phone. Google's response to this test points out that this sensitive information can only be retrieved from a rooted phone, in other words, one whose operating system has been broken into so that system files can be accessed.
But mobile malware is growing, Hoog says. Google Wallet, le décollage du paiement sans contact sur mobile ? Google Wallet : Paypal et Visa contre-attaquent. Google Payments: What it Means, to You & to the Payments Industry. Google's long-rumored near field communications mobile payment system is officially on its way, the company announced today at a press conference in New York City.
Google announced both Google Wallet and Offers today, which give users the ability to process payments through smartphone via NFC. Google Wallet will first be available for Nexus S Android phones via Sprint this summer and expand to other NFC-capable phones over time. The initial rollout will be in New York City and San Francisco. Wallet will first support a Citi MasterCard wherever MasterCard PayPass is accepted as well as a prepaid Google card. Now that NFC mobile payment is finally a reality, will it be a game changer in how people pay? Industry Put On Notice Google's announcement is reverberating around the industry. The original online payments leader, PayPal, expressed skepticism that Google can be a leader in payments. Offers Goes After Groupon & Daily Deals Wallet & NFC Will Be Secure Coming Soon...But Not Too Soon.
Google Wallet enabled by Citi MasterCard® with PayPass™ Banking Blog » Win Win Win. Walter Wriston, former Chairman and CEO of Citi once said, “Information about money has become almost as important as money itself.”
Google gets it. Up to this point I have been skeptical of the NFC business case and have blogged about it. Thin Isis Making a Bad Business Case Worse: Durbin and Mobile NFC Google has the ability to make this happen. Any new payment initiative needs to make three parties happy: the consumer, the bank (or credit card scheme), and the merchant. The bank will be able to drive more purchases through their system, without giving anything up. Google is partnering with MasterCard, Citi, First Data, Sprint, and retailers such as American Eagle Outfitters Inc., Macy’s Inc. and Walgreens. American Eagle might want to target customers who spend more than $100 per month on clothes. The consumer loves the offer. It’s a win win win. No comments yet.