Yahoo Finance Google Wallet updated to support all major credit and debit cards
Google (GOOG) on Wednesday announced an update to its Google Wallet app that allows users to add any credit or debit card to their smartphone or tablet. “To support all credit and debit cards, we changed our technical approach to storing payment cards,” the Internet giant wrote on its website. “The Google Wallet app now stores your payment cards on highly secure Google servers, instead of in the secure storage area on your phone. A wallet ID (virtual card number) is stored in the secure storage area of the phone, and this is used to facilitate transactions at the point of sale. Google instantly charges your selected credit or debit card. This new approach speeds up the integration process for banks so they can add their cards to the Wallet app in just a few weeks.” The update will also allow users to remotely disable their mobile wallets online, although Google advises users to set up a screen lock as an extra layer of security. Google Wallet is available for use at more than 200,000 retail locations across the U.S. through six phones from Sprint (S) and Virgin Mobile, as well as the company’s new flagship Nexus 7 tablet.
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