Google Wallet Open for Business

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BY BRICE SANDER You're watching multisource video news analysis from Newsy. No more bulky back pocket. ...
BY BRICE SANDER You're watching multisource video news analysis from Newsy. No more bulky back pocket. No more fumbling to find the right rewards card. The anchors at San Francisco’s KNTV explain the technology behind Google Wallet. GOOGLE ‘SEINFELD’ AD ANCHOR: “A Google ad there, there you go. So instead of a fat wallet, all of your credit card information is stored on your phone, uh, and you tap the card reader. So far the only phone with it is this one- it is the Nexus S from Sprint, but we do expect more and more phones- including possibly the iPhone 5- to have this technology called Near Field Communication.” Google launched the technology Monday in a limited test run. Very limited, according to CNet. “For one, users need the Android-based Nexus S smartphone … In addition, the service is only available with MasterCard's PayPass system. According to the Google Wallet site, the service will work with Citi MasterCard credit cards and the Google PrePaid Card.” The UK’s Calculator looks out for consumers, asking, is this safe? “What this means in terms of security is yet to be seen as the technology is still in the final phases of testing in the United States. Will hackers be able to send bills to your smart phones if they can crack your pin that is necessary to accept the transaction?” TechCrunch suggests Google launched now to iron out all kinks- including security issues- before expanding. “It also makes sense for Google to get Wallet out there now before their next flagship Android phone, the Nexus Prime, launches next month. It too will have NFC capabilities built in and will bring the Wallet functionality to the much larger Verizon customer base.” And PCWorld argues another reason for the soft launch. “For the vast majority of consumers, Google Wallet won't be changing their lives anytime soon… the big short-run hurdle is that the costs may outweigh the benefits for retailers, unless Google actually pays merchants to come on board, which has happened with other payment systems in the past.” For now, Google Wallet’s only available in San Francisco and New York. No word yet on when the rest of us get to test it out. Transcript by Newsy