The future of purchasing is here. In the past few years we have seen new ways of paying for our purchases. One of the main gadgets used in many of these new ways is the iPhone. Now, the iPhone can do more than just help find deals and allow you to order online. Now you can pay for everything from gas to clothing just by tapping your iPhone at the register.

iOS 5 on iPhone3G

How it Works:

Lately it appears Google is consistently in the news for one reason or another. While they recently launched their Google + social network, their largest contribution and one that is being looked at closely is Google Wallet.

This is a service that is expected to replace carrying credit cards and rewards cards. By allowing users to enter their credit card information into their Google Wallet account and downloading the Google Wallet app, they can simply tap their iPhones to make purchases at the register. This small tap will then send their credit card information through the air and pay for their items.

Currently Google Wallet only allows purchases at a few stores, as well as only allowing MasterCard accounts to be used at businesses that have the PayPass terminals. They expect to offer their service through more stores that operate with the outdated and failed PayPass terminal. PayPass was under much scrutiny over the security of their PayPass enabled MasterCards.

By utilizing the iPhone and the Google Wallet, this technology can be useful and safe once again. The app requires a password to be entered before it is active. Therefore if a user loses his phone, the person who finds it will be unable to use the Google Wallet app unless they know the password.

Google Wallet

Security:

The PayPass MasterCard was frowned upon as thieves were able to scan the cards whether they were in a wallet or a purse by using a modified RFID scanner. Many customers who received these special cards quickly requested a new generic MasterCard once the story broke about the security risks.

Now Google is helping PayPass terminals to become useful again. By requiring a password for the app, encrypting the data sent, and storing your account information on a security chip in the phone, you are protected from thieves and free to tap to pay. However, even with these security measures in place, if your phone is lost or stolen, you are still advised to cancel your credit cards.

Other Uses:

Using the pay to tap iPhone system to make purchases is only one use. As you add your credit card information to your Google Wallet account, you may also add your reward and discount cards. Many grocery stores and restaurants offer discounts and rewards for purchases made by their members. If you enter in the card information your rewards and discounts will automatically be applied to your purchases by Google Wallet. In addition, any coupons available for that location will also be applied if your purchase qualifies.

Paying at the register is becoming more technologically advanced. Now Google Wallet makes it easier, safer, and less hassling. They are expected to add more vendors, options and credit card types in the near future. If Google Wallet does what it is expected to, we will no longer have a need to carry our cards as our phones will do it all.

Terri Miller advises her clients to compare the market at CreditCardCompare.com.au for a list of 60 second approval credit cards.

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