By this summer, users of the Google Nexus S smartphone will be able to do all their shopping without ever opening their physical wallet—or so Google hopes.
The previously announced Google Wallet has gone into beta. Google predicts that by 2014 half of all smartphones will ship with NFC chips installed. They hope that Google Wallet will be on most if not all of them.Read More
In theory, EMV or “Chip and PIN” -enabled credit cards are more secure because they are hard to copy (what's called skimming) -- but four researchers have shown yet another way to defeat the technology.
Created by a combination of EuroPay, MasterCard and Visa , the EMV algorithm embedded on a chip within a card is designed to combat face-to-face fraud. By inserting the EMV-enabled card and typing in a password at the Point of Sale terminal, the customer is demonstrating to the merchant that he or she is authorized to use that card. EMV doesn’t attempt to protect credit card data in motion or at at the merchant. Nor does Chip and PIN address “Card Not Present” (CNP) fraud.Read More
According to the Wall Street Journal, Google is working with Mastercard and CitiCorp to develop its contactless payment system for Android.Read More