Google Wallet Pricing, Equipment and Security Questions

The newly released Nexus S 4G (available through Sprint) is the first phone to be compatible with Google Wallet, a mobile payment application that allows users to make purchases with their NFC (near field communication) embedded phones.

Now that the Nexus S 4G is readily available, we have received tons of questions about Google Wallet, pricing, equipment, and security. Here are a few of the most popular questions and answers.

1. How much does Google Wallet cost?  Google wallet is free. Merchants accepting payment via Google Wallet will not incur any extra fees. Google Wallet payments are considered card present transactions.

2. What equipment do I need? A contactless terminal. Terminals that are ISO 144403 and 18092 standard and carry the universal contactless symbol are compatible.

3. Is Google Wallet secure? Yes. Google Wallet utilizes a chip called the secure element for security. The secure element is isolated from the phone’s operating system and hardware. Only authorized programs like Google Wallet can access the secure element to initiate payment. Google Wallet is also PIN based. Payment initiation can not begin until the Google Wallet PIN number is entered.

For more information on Google Wallet, or to get started visit www.paymentmax.com