Google Wallet 2.0 is coming

Google plans to announce Google Wallet 2.0 by mid-November 2012.
This will be the follow-up to the present Google Wallet 1.5, which was launched in August.

– Add in-store purchase support via virtual MasterCard card, aka Google Wallet ID, which is linked with user’s credit card. Consumers will not need a mobile Internet connection to make a payment in-store if they have previously added a credit or debit card to the wallet. That also is an advantage over purely cloud-based payments, which requires a reliable Internet connection.

– Google Wallet 2.0 will continue to use NFC technology on the front end to conduct transactions with a prepaid application from Google supporting MasterCard PayPass and stored on a secure element in NFC wallet phones. The transactions will continue to be funded by cloud-based credit and debit cards that consumers would load into their wallets, sources said.

– Google would integrate offers, couponing and related promotions to a greater extent, using its acquisition of processor TxVia, said a Google source.

– P2P payments would not be part of Google Wallet 2.0.

Google Wallet 2.0 is coming

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