Thursday, January 1, 2015

I Am Financially Safer This New Year's Day

With the advent of 2015, I feel that I am financially safer.  I started using Google Wallet on my smartphone this past December.  When paying with Google Wallet, you are using a one-time Google credit card number for that payment, and that number is only valid for that payment and is no longer valid after that payment.  Thus if that credit card number is hacked, it is useless for any payments made by that hacker.  My debit card is not used in the payment transaction, and the hacker cannot get to my debit card.

One significant drawback to Google Wallet is that it is not widely accepted by vendors.  I have been able to use Google Wallet at Wegmans, Panera Bread, and McDonald's.  I started to use Google Wallet when Apple Pay came out, but I don't have an iPhone, so I could not signup for Apple Pay.  However, because Apple in now in the smartphone payment business, more people have been using Google Wallet.  That hasn't yet encouraged more vendors to accept Google Wallet though.  Given time, I think more vendors will start using Google's payment system.  In the meantime, I feel a little nervous using my debit card for payment.

I noticed on the Google Wallet app that it mentioned a Google Wallet card.  I did some research, and Google Wallet cards are accepted at all vendors that accept MasterCard cards..  Once you activate it, your Google Wallet card is linked to your Google account on your smartphone.  You must have enough money in your Google Wallet account to cover the transaction.  You add money to your Google Wallet account by transferring the amount from your bank's debit card.  The transfer is done via the Google Wallet app, and it just takes a couple of minutes.

I just received my Google Wallet card yesterday, and I have activated it.  I have some money in my Google Wallet account, so I am ready to use the card.  Now I don't have to use my bank debit card for payments, and when I feel comfortable in doing so, I won't even have to keep my bank card with me when I am out and about.  I now feel financially safer in using my Google Wallet card instead of my bank debit card.  No system is perfectly safe, but at least it will be much harder for hackers to get to my bank account.  Even if my Google Wallet card is stolen, the most money they can get is the amount of money in my Google Wallet account.  Now all I have to do is go out and buy something with it.  Yes!  Progress is good!  

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