Google announced in a news conference on Thursday its release of a new application that will allow Android smartphones to act as credit cards. The application is called Google Wallet and will integrate credit or debit cards, loyalty cards, gift cards and others into a single application.
How Google Wallet Will Work
According to Google, the application will only work with Android phones from Sprint Nextel that have wireless chips built into them for tap-and-pay. The phones with the near-field-communications (NFC) chips built into them will have a special sticker on them. Older Android phones will be able to have the chip installed.
While Android owners will be able to use the phones in 311,000 stores worldwide that have installed MasterCard terminals, the phones are currently only being offered in New York and San Francisco for now to test the market more accurately.
Application Security and Fraud Concerns
When Google originally announced its plans to release the application in Nov. 2010, c



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