Google announced new Google Wallet, a credit card technology for Android Smartphones

By on May 27, 2011 in Amazing, Business, Cellphone, Smartphone, Technology, United States, World Comments

Image Credit: CNN

Based on current technology news as of May 26, 2011, Google, the Internet giant, finally announced Google Wallet, a new service for Android smartphones, at a news conference in New York on Thursday.

According to CNN, Google Wallet will be using the same underlying technology of a credit card, eventually replacing your wallet with a phone.  Furthermore, Google Wallet can integrate credit or debit cards, loyalty cards, gift cards and other passes into a single application.

As similar reports further reveal, credit cards have wireless chips built into them for tap-and-pay, supposedly, people with newer Android phones from Sprint Nextel will be able to do the same at the 311,000 stores worldwide that have installed MasterCard terminals.

The technology uses Near-Field Communications (NFC) chips built into the phones or added to older Androids with a special sticker, CNN report mentioned.

Similar report quoted Mung-Ki Woo, head of mobile for MasterCard Worldwide, in an interview saying, “It’s basically the same technology as credit cards, it’s not better or worse.”  Stephanie Tilenius, Google’s vice-president of commerce, also stated, “”We believe the shopping experience has not yet been transformed by technology or by magical experiences.”

Reports further attest that Google Wallet has quite a few restrictions to start. It will only be offered to people living in New York and San Francisco at first; new cities will be added for there are plans for worldwide distribution.

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