Google has been making a lot of noise about the new "Google Wallet" service that they are offering.
Basically, the Google Wallet stores all of your various credit card information in the Google cloud- Visa, Mastercard, Discover, and American Express today- and allows you to pay for things using your mobile phone. The mechanism is an app, and each individual is issued a "wallet number" that is stored on their phone and links back to the cloud. Internet connectivity is not required at the time of the purchase since Google has the card information and the transaction passes from the vendor or retailer.
You can see a quick overview video here:
http://googlecommerce.blogspot.com/2012/08/use-any-credit-or-debit-card-with.html#!/2012/08/use-any-credit-or-debit-card-with.html
Interestingly, Google is touting the fact that this virtual wallet is safer than having people carry their own credit cards. According to Google, if a phone is lost or stolen, users can easily disassociate the lost phone with the wallet number through Google's website. Of course, this means that one would have to immediately find an internet connection and actually make this happen.
Even so, there is a VERY important asterisk next to this claim, reading:
For now, Google Prepaid Cards and some Citi MasterCard cards will remain active until Google Wallet can remotely connect and reset your mobile wallet.
I realize that losing a phone with Google wallet is really no different from losing one's wallet full of credit cards, but somehow I am having trouble believing that relinquishing my credit cards to a cloud service (which is hackable) is more secure than having the physical cards on your person. Maybe I'm just old-school, or conservative, but I even work for a company that sells bulletproof security solutions and I am skeptical.
Besides.... we women would have no excuse to keep buying our Coach and Prada pocket toys.....
Perhaps that is Google's bigger challenge.
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