Google has overhauled its mobile wallet service, opening it up to all Android devices running version 2.3 or higher and distancing it from its NFC-based origins.
Blogged on Finextra - What is a Digital Wallet anyway?!?!
To gain wider acceptance at physical POS, Google needs to allow other interfaces - not only NFC (e.g. QR codes,...). Retailers are pushing back on NFC as a technology that carries forward the existing card model with interchange and processing cost that
is too high for mobile payments. Aletrnative interfaces and new payment methods with lower cost structure would position Google for success.
A digital wallet or virtual wallet is the same thing. They are a software equivalent for your real wallet. A digital wallet contains every credit card, debit card and every charge card that you possess. Examples of virtual wallets in existence are Google,
Masterpass, owned by MasterCard and V.me, owned by Visa.
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