Seven Tips to Protect Your Google Wallet
Even with Google Wallet's built-in identity theft protections, you still need to be wary of hackers.
The issue in the debate is over why Verizon has asked Google to hold off on including its electronic wallet feature in the Samsung Galaxy Nexus phone.
On one hand, Verizon claims that there are solid technical reasons for the move. Folks who follow business suggest that Verizon, which is a partner on the coming ISIS electronic wallet initiative with which Google Wallet - which is well described in the Wall Street Journal post - will compete, suggest that is the reason. The explanation for Verizon's technical concern is described in great detail at Computerworld. The explanation by writer Matt Hamblen makes it appear that the two electronic wallet groups - ISIS and Google Wallet - would have to work together to allow the category to thrive. It almost makes it clear that this is an extraordinarily complex business.
Get ready for a lot of the kind of competitive back and forth we are seeing from Verizon and Google. Even in an age of extremes, the promise of electronic wallets is extraordinary. Essentially, it stands to clip bigger and bigger pieces of the payment card industry, which is worth trillions of dollars. The players are lining up, and the action figures to be fast, furious and a bit vicious.
The danger is that there is so much money at stake that the two sides will lose sight of the most important thing, which is for the category to succeed and instead get sidetracked by the internecine battle. Even in the best case, it clearly is a confusing field. ZDNet's Rachel King, in a story about , took a more sanguine attitude. She feels that the many models of today can coexist:
Stressing the importance of choice on MasterCard's part represents a budding theme in the mobile payments world that there can be many different, successfully competing forms of digital wallets, whether it be via NFC technology, mobile apps from PayPal or even Starbucks, as well as external modules like those from Square.
The category is moving along. Today, for instance, ISIS said that Gemalto will secure its platform through its Allynis Trusted Service Manager. But the category won't define itself fully until all the players - including, almost certainly, Apple - are in the field.