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The Green SheetGreen Sheet

Tuesday, May 31, 2011

The prepaid angle to the Google Wallet

Google Inc. has made prepaid card functionality central to its mobile wallet pilot program for near field communication-enabled mobile payments. On its website, the search engine giant laid out how the mobile wallet will support the Google Prepaid Card and private-label gift cards offered by participating merchants, as well as Citibank's MasterCard Worldwide-branded credit card called the Citi Platinum Select MasterCard.

Google said the virtual Google Prepaid Card is an option for consumers who do not have a Citi MasterCard. Once consumers activate the Google Prepaid Card in Google Wallet, Google loads a courtesy amount of $10 onto the card. When consumers reload the virtual card, they pay no fees for at least until the end of 2011, Google noted.

Additionally, Google Wallet can store the closed-loop gift cards issued by retailers participating in the pilot, including Bloomingdale's Inc., The Container Store Inc., Peet's Coffee & Tea, RadioShack Corp. and Subway. When consumers tap smart phones on POS terminals at participating merchants, Google Wallet transmits gift card information from phones to terminals, Google said. end of article

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