How to works Google Wallet

How to  works Google Wallet
Google officially rolled out its Google Wallet mobile payment system on Monday. We’ve been using a Sprint Nexus S 4G with Google Wallet for the last six weeks. Google Wallet is still in its infancy, but the system already shows a lot of promise.

Right now, Google Wallet only works with Citi-Mastercards and the Google Prepaid Card. Visa and Google announced a worldwide agreement to support the Visa payWave app, but it will still be up to the financial institutions and banks to add support.

How to Work  :

This means Visa card users will be able to take advantage of this new NFC payment system, as the licensing agreement will enable Visa users to link their credit, debit and prepaid cards to Google Wallet to ease your pain at the checkout counter.

Source :Mashable.com

If you have never used NFC-enabled devices, it can take a bit of getting used to. The way Google Wallet is set up, it only works if the screen is on and unlocked. If you haven’t used your wallet within a certain period of time, you will also be prompted to enter an unlock code before using the app.

Citi MasterCard

It’s easy to set up a Citi MasterCard with Google Wallet. If you already have a card, open Google Wallet and enter your account information. After Citi verifies it, your credit card credentials are stored to a secure microchip on your phone. You can then tap your phone to pay. If you have a Citi MasterCard and want to confirm that it works with Google Wallet, check here.

Google Prepaid Card

The Google Prepaid Card is a virtual card that you can fund with any of your existing credit cards— no Citi MasterCard required. After you activate the Google Prepaid Card in Google Wallet, you’ll get $10 in your account. Your first $10 spent with Google Wallet is on us.

You can then top up the card with additional funds from any of your plastic cards. You’ll pay no fees to top up your Google Prepaid Card at least until the end of 2011. Since the Google Prepaid Card is purely virtual, you won’t get an actual card in the mail.

The Google Prepaid Card is powered by MasterCard® and Money Network®.

Gift cards

Google Wallet can store gift cards for participating merchants. When you tap to pay at a merchant, Google Wallet transmits your gift card information to the terminal.