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What is Google Wallet ?
Google Wallet is a mobile payment system
developed by Google that allows its users to store
debit cards, credit cards, loyalty cards, and gift
cards among other things, as well as redeeming
sales promotions on their mobile phone. Google
Wallet can use near field communication (NFC) to
"make secure payments fast and convenient by
simply tapping the phone on any PayPass-enabled
terminal at checkout
Release Date and Associated Partners
Google demonstrated the app at a press conference on May 26,
2011. The app was released in the United States only on
September 19, 2011
On August 1, 2012, Google Wallet expanded support to all major
credit and debit cards including Visa, MasterCard, American
Express, and Discover.
Merchants who accept Google Wallet include: American Eagle
Outfitters, Bloomingdales, Foot Locker, Jamba Juice, Macy's,
RadioShack, Subway, The Container Store, Toys "R" Us, and
Usage and Growth
The service works with the 300,000 plus MasterCard
PayPass merchant locations with Visa licensing their Visa
payWave system to Google for use in Wallet as of
September 20, 2011
On May 15, 2013, Google announced the integration of
Google Wallet and Gmail, allowing users to send money
through Gmail attachments. Like the main service, Google
Wallet's Gmail integration is also currently only available
in the US, to those 18 or older
Google doesn't currently charge users or merchants for access to Wallet,
and plans to make money by offering sponsored ads to their users. The
new app Google Shoppe will push two types of offers to a user's phone:
Today's offers, which allows the user to see a single offer redeemable
for discounted goods or services in their area.
Nearby offers, which allows the user to see a list of offers in the 'Eat'
and 'Play' categories that nearby businesses have submitted through
The Google Wallet was designed as an open platform. Payment networks,
carriers, and banks have been invited to join and participate in the
How does Google Wallet work ?
The Google Wallet Card is funded by your Wallet Balance.
Money is added to your Wallet Balance either by someone
sending you money via Wallet or Gmail or by adding it
yourself from a linked bank account or from a credit or
debit card. You can deposit money through a recurring
Services offered by Google Wallet is only available in
Security and Privacy
While a stolen debit card can be used in some circumstance without a
personal identification number (PIN) or signature, the Google Wallet has
The Android Operating System, within the core libraries require the
screen of the device must be on to enable NFC chipset access
Sensitive financial credential data is stored in the NFC chipset's
protected memory known as the Secure Element.
Google Wallet requires the input of the correct PIN to open the
Privacy concerns include the storing of data regarding payment
information, transaction details, payment attempts and other
Wallet indicates that much of the data is stored but may not be shared
outside Google except under certain circumstances..
Transfer of Money and Funds
You can send money to anyone in the U.S. with an email
address using the Google Wallet app. You can also send
money in Gmail by hovering over the attachment
paperclip icon and clicking the $ icon to attach money to
a Gmail message on your desktop. Payments can be
funded from your Google Wallet Balance, bank account,
debit cards and/or credit cards. The email recipient does
not need to have a Gmail address, but must sign in or sign
up for Google Wallet and verify their identity to accept
Fees and Cost structure
There are no fees for you to set up Google Wallet and use
it in stores and online. You can even send money for free
from your bank account or Wallet Balance. If you’d like to
send money or add to your Wallet Balance using a credit
or debit card, there is a small per-transaction fee of 2.9%.
Receiving money is always free.
There are also no fees to order and activate the Google
Wallet Card, and no annual or monthly fees. Some ATM
providers may charge you a fee for cash withdrawals.
Competitors and Market Share
Following are the competitors :-
While Google and Apple both suffer, to some extent, from device
fragmentation, Google’s problem is exacerbated by the fact that they do
not control the entire supply chain in the way Apple does. Apple builds
its devices, OS, tools, environments and manages the app stores,
Google relies on partners and OEMs much more extensively to deliver
their latest and greatest product offerings.
Because many of these OEMs are looking at cheaper down markets,
adoption rates for the higher-end Android versions compatible with
Google Wallet are low, dipping into the 25% range.
HTC One SV (running Android 4.1 or newer) on Boost Mobile
HTC One on Sprint
HTC One (M8)
Motorola Droid RAZR MAXX HD on Google Play
Motorola Moto X
Samsung Galaxy S5
Samsung Galaxy Note II on AT&T, Sprint, US Cellular and Verizon
Samsung Galaxy S4 on Sprint, US Cellular, and Google Play
Samsung Nexus S 4G on Sprint
Asus Nexus 7 (2012 and 2013[Note 1] variations
Samsung Nexus 10
Tie ups and Offers
Google Wallet allows you to store your gift cards and easily redeem
them in stores at checkout. You can also instantly view your gift card