by Derek Ross, 8 months ago
Today, Google announced that they soon will be discontinuing their Prepaid Card program. Since the latest versions of Google Wallet enabled users to add any debit or credit card, the need for Google’s prepaid card…
Google Wallet is one of the many Android apps that make use of near-field communications technology or NFC. While this technology has already been available in a lot of high-end Android devices, most banking institutions have yet to make use of this technology. This is because initially, the app did not support multiple credit cards and major debit or credit cards. However, in early August, that changed when Google updated the application. Now, users can freely choose the card that they want to pay with. In addition to that, the company also enabled support for major debit and credit cards.
These updates have caused a rise in demand for the use of this application. In fact, on a recent press release by Google, it was stated that since the update, usage of Google Wallet had increased by more than double. This success was credited to the relatively easier way of financial institutions to partner up with Google Wallet.
Besides that, some of the updates that the company had applied include the possibility of using the bank’s card arts, migration of Google Wallet to a secure cloud server, integration of Google Wallet with several banking institutions and many more. In fact, the migration to the cloud server was a move widely embraced by both the users and the financial institutions. Other than speeding up the implementation process, the use of cloud server allowed the user to deactivate their Google Wallet account remotely through a computer. This, in turn, made Google Wallet even safer than before.
Institutions such as Barclaycard US, Green Dot and Silicon Valley Bank had already implemented Google Wallet for their customers. It is expected for many others to follow suit. The fact that the implementation would be free for any potential banking partners made Google Wallet a very lucrative market to go into as well.
Do you use Google Wallet or are you still considering it to see if it gets adopted to more institutions?