Google Wallet now accepting all major credit cards

Aug 2, 2012 16:32:01Posted by John Skorick, MyAKA Founder & CEO

Google Wallet now accepting all major credit cards

Google recently announced that its mobile payment platform, Google Wallet, is now accepting all major credit cards, according to PC Magazine. Consumers can use Google Wallet to pay for items with just a tap of their cell phones.

Google Wallet, which first debuted this past fall, got an overhaul and its new features were announced on Wednesday. Not only can banks utilize the feature, but mobile users will be pleased the company upped their security measures to protect personal account information.

"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," Google said in a blog post.

Google first wanted to develop the program with each individual bank, but they quickly realized that would take too long.

"This was an approach that from a negotiation and integration standpoint could take several months to a year," Robin Dua, Head of Product Management for the Service, told The Wall Street Journal. "Given how many banks there are in the U.S., this approach could literally take a lifetime to work through."

Now, consumers can add whatever card they want to their phone and they won't get any intervention from their bank, the publication reports.

Mobile payment systems could be a thing of the future, and soon everyone with a cell phone will be able to utilize the technology. According to the news outlet, research conducted in May found mobile payment transactions are expected to reach $675 billion across the globe in 2016, which would be a rapid increase from the $105.9 billion spent by phone in 2011. In addition, this technology is already widely used in Europe, but Americans have been hesitant because they are concerned with their mobile security.

Google released its new wallet capabilities at a seemingly convenient time. This comes only days after Apple announced it bought mobile security company AuthenTec for $356 million. According to Forbes Magazine, there is speculation that Apple will be using this new company's resources to start their own wallet system for iPhones. AuthenTec is one of the major businesses manufacturing near field communication (NFC) technology in which two phones can exchange information by touching. This technology is also seeing its fair share of criticism, as many think it will bring about mobile privacy issues.