Google Wallet seems like a revolutionary idea to most Android users. Incorporating Google, Google Checkout and your NFC equipped Android phone to make wireless payments seems like a great idea. Currently the service is officially available on Sprint. It’s also unofficially available on Verizon Wireless via sideloading the Google Wallet app onto a Samsung Galaxy Nexus.
Google Wallet is facing some stiff competition from mobile payment company ISIS. ISIS has teamed with Verizon Wireless, AT&T and T-Mobile for the rollout of their mobile wallet. Combine the power of three of the four major carriers along with payment processing via Verifone and it spells a recipe for potential disaster for the Google Wallet platform.
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To add to the woes of Google Wallet supporters, the service was faced with not one but two security breaches, one that seemed almost too easy to be overlooked. In that case, a Google Wallet equipped phone fell into the wrong hands, Google Wallet could be removed, and then re loaded onto the phone and a new pin number could be set. Thus allowing anyone who had access to the phone access to the Google Wallet prepaid account.
Both security holes have been patched and Google made amends with users by giving them a $5.00 credit for their trouble, on top of the $10 credit they gave away just for trying Google Wallet. The numbers haven’t been reported but $15 to possibly millions of customers can add up pretty quick.
Rumors have been bubbling from Google “inside sources” claiming that Google is in negotiations with AT&T and Verizon Wireless to offer both carriers a kickback off every purchase on a Google Wallet equipped phone.
This of course seems like something Google should have put into place before launching the service with just Sprint and on one phone, the Nexus S 4G. It’s rumored that Google Wallet was one of the main hold ups in the supposed “late” release of the Galaxy Nexus by Verizon Wireless.