Difference Between Google Wallet and ISIS Mobile Wallet

Google Wallet vs ISIS Mobile Wallet

Google wallet is a much anticipated mobile payment system introduced by Google. This is an Android Application intended for Android smart phones with NFC (near field communication) capability. Google Wallet is still under field test and a demonstration was done for the public in early 2011. ISIS is another mobile payment system initiated by AT & T mobility, T- Mobile USA and Verizon in collaboration. While ISIS is gearing towards establishing an open standard for mobile payments it is also under field test and not many specifics are available for the public. Following article evaluates the information available on both payment system based on their similarities and differences.

Google Wallet

Google wallet is an Android application, which will enable users to make payments using their Android smart phone by simply tapping at a terminal that accepts payments by Google Wallet. The product is still not available in the market. According to Google, the infrastructure is still under field test, once available to the consumer it will support Citi Master Card and Google Prepaid card.

Google Wallet will enable users to store credit cards, offers, loyalty cards and gift cards in Google wallet mobile application. As Google currently supports the Citi Master card, one can enter card details to the Google Wallet application installed in their Android smart phone. Once the Issuer verifies the authenticity of card details, it will be stored in a secure microchip in the Android phone. Google has also introduced Google Prepaid in order to create a bridge between all other cards currently not supported by Google Wallet. One can add credit to the Google Prepaid card using any other e-payment card, and use Google Prepaid card to make payments with Google Wallet. Users will be able to make payments by tapping the phone to Paypass (MasterCard) enabled terminals.

When a user tap the card on a terminal the card will generally send the payment details using near field communication (NFC) to the terminal. At some merchants loyalty points and electronic coupons will also be sent. This way, Google Wallet will allow users to redeem coupons electronically and earn loyalty points while paying using the Google wallet with Just “One Tap”.

At the moment only Nexus S 4G has the hardware necessary for Google Wallet. As Google wallet uses near field communication to transfer payment data, phones which needs to make payments using the application must have chips that allow near field communication. However with the wide array of vendors supporting Android devices it won’t take much time for other devices with Google Wallet support to be available in the market.

Security is a major concern when comes to any kind of monetary transaction. Before relying on Google Wallet for all your transactions it’s important to have a look at how secure this infrastructure is. Google Wallet will be locked with a secure PIN which will ideally be known only to the owner of the phone. The owner of the phone will have to key in the secure PIN before each payment. This lock will be on top of the normal phone lock which comes with every Android phone. Both these locks will prevent unauthorized access to the wallet. In addition, all credit card details will be stored in a secure chip called the “Secure Element” which is separate from the phone memory. Only trusted applications will be able to communicate with “Secure Element”, and this is designed to prevent malicious software from accessing credit card details stored in the phone.

In case the phone is lost, similar to an occasion where the plastic card is lost, one must immediately contact the issuer (Issuing bank) and cancel the cards stored in the Google Wallet.

Currently many merchants such as Bloomingdales, GUESS and Macy’s are onboard as Google SingletapTM merchants.

ISIS Mobile Wallet

ISIS is a mobile payment network initiated by AT & T mobility, T- Mobile USA and Verizon. The payment system reportedly utilizes near field communication enabled smart phones as well as the NFC technology to make mobile payments. ISIS is currently under testing and it is still not a market ready product. ISIS is focussed towards an open platform, which can be used across multiple platforms and multiple carriers.

When ready for use by consumers, ISIS reportedly will be supporting Visa, Master, Discovery and American Express cards to make payments. Users can store card details in the phone and choose a credit card they wish to make payments from and then swipe the NFC enabled smart phone at ISIS payment enabled terminals in order to make the payment. ISIS mobile wallet is expected to offer integrating on existing loyalty programs of merchants to mobile payments but specifics are not clear as yet.

At the moment, device specific of ISIS wallet is not clear other than that the smart phone enabling ISIS mobile payments should have NFC chips.

It has been reported that ISIS will lock the mobile application responsible for ISIS mobile wallet enabling only the authorized user to make payments. However details on how secure the content stored in device is not yet available.

What is the difference between Google Wallet and ISIS Mobile Wallet?

Google Wallet and ISIS are both mobile payment methods, which use the e-wallet concept. Both these payment methods are still under field test and not market ready products. In both scenarios, details of credit cards will be stored in smart phones with near field communication enabled chips. Both Google Wallet and ISIS utilize near field communication in order to communicate with terminals. In order to make a payment with each payment method, users need to swipe the smart phone at payment terminals. Google claims that Google Wallet will be secured with a PIN, and users will need to key in the PIN each time they need to make a payment. ISIS also mentions that the ISIS application will be locked using passwords. While credit card information will be stored in a secure chip in Google Wallet, how the same will be handled in ISIS is not very clear at the moment. In order to use Google Wallet, one must have an Android installed smart phone with NFC capable chips. As for ISIS, it is clear that the smart phones need to have NFC chips but the platform on which ISIS will be launched is not clear as of now. Google wallet supports Citi Master card and Google Prepaid card. Users can add credit to Google Prepaid card using any other credit card and compensate for the lack of support in Google Wallet. While ISIS claims it supports Visa, Master, Discovery and American Express, specifics are not yet available.