The already announced service back in May has made its debut this Monday without any official warning from Google. In short terms, Google Wallet is an online payment system between the buyer (that is represented by a smartphone with the Google Wallet app installed) and the seller (represented by a NFC reader). The buyer has to bring his smartphone near the NFC area in order to be scanned by this device. All your credit card info that is safely memorized in this app, will be securely accessed by the NFC scanner and sent to seller’s bank account in order to complete the transaction.
At the moment only Citi, MasterCard, Visa, Discover, American Express, First Data and Sprint are the first partners to accept this payment system. But very soon there will be more retail partners to use this system. Almost 15 have already announced their support for it.
