Of Special Interest
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- Newslink Trends-The Global Strategic Perspective
- Juniper Research says digital wallet users to exceed 4.4 billion by 2025, as mobile drives digital payments’ revolution
- Criminals exploit COVID-19 pandemic with rise in scams targeting victims online
- Equifax says Open Banking proving pivotal to pandemic lending
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Mintos says Europeans are starting to embrace investing
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
3rd August 2012
Google Wallet MkII works with any card
Google Wallet MkII now exists overcoming the two most important problems with the wallet. It should now allow a much more rapid roll out of the wallet. The new Google wallet can work with any MasterCard,Visa, American Express or Discover card issued by any US bank. Secondly the key encryption information is held in the cloud and not on the phone itself. Google's Mk1 version had the information on the phone and this could be accessed relatively simply if someone had access to the phone and basic settings were not password protected.
The new version allows the user to add a card using a secure internet application to the wallet. Should the phone be stolen the same internet location can be used to disable the wallet.
The way it works is that each Google wallet is linked to a Bancorp prepaid MasterCard. In a process similar to that already used by merchants to work repeat payments the code stored on the phone is not the card number but the virtual account number which can only be connected up by MasterCard to the 'real' account. The wallet can be used in any of the 200,000 POS outlets equipped for MasterCard PayPass. As PayPal lost no time in reminding the markets the Google Mk2 wallet uses many of the same approaches as the PayPal wallet does. Google no longer has to negotiate and agree a deal with each bank.
Google Mk1 required users to have one specific model of phone, to bank with Citigroup and to live in one (later two) districts of the United States making its potential target audience extremely small. The opening to all cards and the increasing number of NFC phones capable of making POS transactions contactlessly has got over many of these problems.
Google is now facing competition from the forthcoming Isis pilot launch in the US and from Visa and MasterCard wallets. It does have the power to link its search engine and merchant locations to its wallet to give a seamless identify goods and then purchase process whether the purchase is POS at a physical store or over the internet. Some believe the iPhone 5, expected to be launched in September may also have NFC capability bringing Apple into the fight for the mobile wallet also.
The Google Wallet introduction of its Mark II wallet could not have been more different to its initial launch. Mk II was launched through a blog posting and You Tube video with no big press hype.