Google Wallet is a free mobile payment transaction application that stores virtual versions of your credit cards, debit cards and coupons, eliminating the need for plastic and replacing your wallet with your mobile phone. Google Wallet will be an open mobile wallet holding all the cards and coupons you keep in your leather wallet today. Tap your phone on the reader. Your phone sends payment, and, at some merchants, offers and loyalty information.

NFC Secure Mobile Payment Transactions with Google WalletGoogle Wallet with tap and pay will be compatible with Nexus S 4G smartphone by Google. Google Wallet works on near field communication (NFC) technology. NFC is a wireless technology that enables data transmission between two objects when they are brought within a few inches of each other. Smartphones enabled with NFC technology can exchange data with other NFC enabled devices or read information from smart tags embedded in posters, stickers, and other products.

How much does it cost to use Google Wallet? Nothing. Google Wallet is a free app available for Google smartphones. The Google Prepaid Card is a virtual card powered by MasterCard and Money Network®. You can fund this prepaid card with any of your existing plastic credit cards. And since it’s purely virtual, you won’t get a physical plastic card in the mail. You can tap and pay immediately after funds are added.

How Google Wallet Works

You can tap and pay using Google Wallet anywhere MasterCard PayPass is accepted. Currently, MasterCard PayPass is available at hundreds of thousands of merchants across the United States and world wide. When you’re ready to checkout, look for the MasterCard PayPass logo to see whether the merchant accepts contactless payments. After the cashier rings up your purchase, tap your phone on the PayPass terminal and your Google Wallet will transmit payment details in a secure, wireless manner. Moments after you tap the terminal, you will receive payment confirmation and you’re on your way.

You do not need a network connection to make payments with Google Wallet, but your phone will need to be powered on. Place your phone within a few inches of the contactless payment terminal to tap and pay.

Security Features of Google Wallet NFC Mobile Payment

Your payment credentials are stored in a chip called the Secure Element contained within your Nexus S 4G. The Secure Element is isolated from your phone’s main operating system and hardware. Only authorized programs like Google Wallet can access the Secure Element to initiate a transaction. Additionally, because Google Wallet enforces a PIN, the only way to transmit payment credentials is if you first enter the PIN. The NFC antenna in your phone is only activated when the screen is powered on, and even if the antenna is on and in proximity of a reader, payment credentials can only be transmitted from the Secure Element to a payment terminal if you first enter your Google Wallet PIN.

The Secure Element has many features designed to protect the security of the data it stores. It’s separate from the phone’s main operating system and hardware, which enables encrypted protocols to enforce access control. Only authorized programs like Google Wallet can access the Secure Element to initiate a transaction. There are multiple levels of protection for data stored on the Secure Element and it is protected at the hardware level from snooping or tampering.

You can clear your transaction history from the History option on the main menu in Google Wallet. And you can reset Wallet and remove all payment credentials and transaction data via the Settings menu.