Near-field communication (NFC) technology permits the consumer to wave their smartphone at a point-of-sale terminal to buy via the use of a "digital wallet." One of the fast-growing instances of the digital wallet is the properly called Google Wallet, but it pays to know a little bit about how it works before you dive in to the cashless (and cardless) retail revolution.
Set up a free account
At the Google Wallet site, you can effortlessly set up a free account linking your credit and debit cards to the account. You even get to pick a preferred card with it. Then, you just have to download the application to your smartphone and watch for the digital wallet payment in stores where you can then pay through the application.
Buy with your cell phone
Google Wallet works by assigning the customer a virtual MasterCard account number. The account number is used to draw funds from your credit or debit card of choice, be it Visa, MasterCard, American Express or Discover. When used offline, the virtual MasterCard number is the one used by the merchant except in rare cases involving Citi MasterCard, then the preferred card is charged later. Online purchases charge the preferred card directly.
All account data is stored with the master number instead of on the phone. Then, if your phone gets stolen, you can have everything wiped remotely and have Google Wallet deactivated. This keeps all your personal data from getting stolen by thieves.
Wallet of credit cards not needed
Though you still need your wallet for things such as driver's licenses, you may be able to stay away from all credit and debit cards on your person. Rather than carrying around cash and cards, you can just take your phone with you. Use Google Wallet instead of carrying around a chunk of plastic to cover things. It will not be long before your driver's license is digitized and you will not need other things anymore anyway.
Set up a free account
At the Google Wallet site, you can effortlessly set up a free account linking your credit and debit cards to the account. You even get to pick a preferred card with it. Then, you just have to download the application to your smartphone and watch for the digital wallet payment in stores where you can then pay through the application.
Buy with your cell phone
Google Wallet works by assigning the customer a virtual MasterCard account number. The account number is used to draw funds from your credit or debit card of choice, be it Visa, MasterCard, American Express or Discover. When used offline, the virtual MasterCard number is the one used by the merchant except in rare cases involving Citi MasterCard, then the preferred card is charged later. Online purchases charge the preferred card directly.
All account data is stored with the master number instead of on the phone. Then, if your phone gets stolen, you can have everything wiped remotely and have Google Wallet deactivated. This keeps all your personal data from getting stolen by thieves.
Wallet of credit cards not needed
Though you still need your wallet for things such as driver's licenses, you may be able to stay away from all credit and debit cards on your person. Rather than carrying around cash and cards, you can just take your phone with you. Use Google Wallet instead of carrying around a chunk of plastic to cover things. It will not be long before your driver's license is digitized and you will not need other things anymore anyway.
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