Google announced today that it is releasing a new, cloud-based Google Wallet app that supports credit and debit cards from Visa, MasterCard, American Express and Discover.
"To support all credit and debit cards, we changed our technical approach to storing payment cards," says Google Wallet's Head of Product Management, Robin Dua. "The Google Wallet app now stores your payment cards on highly secure Google servers, instead of in the secure storage area on your phone."
"A wallet ID (virtual card number) is stored in the secure storage area of the phone, and this is used to facilitate transactions at the point of sale," Dua explains. "Google instantly charges your selected credit or debit card. This new approach speeds up the integration process for banks so they can add their cards to the Wallet app in just a few weeks. Banks that want to help their customers save cards to Google Wallet, including their custom card art, can apply here — there is no cost."
The product comes with a Google Wallet PIN for security, as well as a feature that lets you disable the mobile wallet on a lost phone. To do this, you can go to the "devices" section in the online wallet, and select the device you want to disable.
The app is available on Google Play.