Google Wallet moving to the cloud with new security features

I predict that very soon, we'll all be using our smartphones to pay for merchandise at various retailers. It'll become as common pulling out cash or a credit card.

The folks behind Google Wallet have been steadily marching toward this goal and recently released a "cloud-based version of the Google Wallet app" that'll have more support for credit and debit cards. The card vendors include MasterCard, Visa, Discover and American Express.

According to Google, this new version also includes includes a feature to remotely disable your mobile wallet app. This should help to ease some of the security concerns in the first version of Google Wallet.

To further address security concerns and streamline how banks implement the technology, Google has revamped how account data for credit cards is stored in the Google Wallet app. Instead of the storing the data on your phone, Google now uses their secure servers, which also allows banks to add their cards in a few weeks.

Google says on their blog that their virtual Wallet is now available on six smartphones with Near Field Communication capability, or NFC, from Sprint and Virgin Mobile, as well as on the new Nexus 7 tablet. Their partners include 25 national retailers that can accept mobile payments by simple tapping your phone.

Google is also using the MasterCard PayPass system to incorporate more than 200,000 retail locations in the United States.

If you have a compatible phone, you can find the latest version of Google Wallet in the Google Play store.

Contact us: ehart@earnestharttech.com | Follow on Twitter @ehart