It is billed as the future of commerce: swiping a smartphone at the checkout counter instead of a credit card.
On Monday, Google made its foray into the budding market of mobile payment systems by launching Google Wallet, an app that stores users' credit card information on their phones, allowing them to purchase goods by swiping their phones at stores.
But this new form of shopping also raises new questions about privacy and security. According to Google, the app is even safer than a real wallet. But some experts say the technology presents privacy concerns while offering an attractive -- albeit challenging -- target for cyberthieves.
"You can be relatively certain that bad guys will look at ways to exploit this," said Kevin Mahaffey, co-founder of the mobile security firm Lookout, Inc.
For now, Google Wallet is only available to consumers using Google’s Nexus S 4G phone on Sprint Nextel’s network and a Citi MasterCard credit card. On its blog, Google said it hoped to eventually open the app to Visa, Discover and American Express credit card holders.
The mobile payment market is expected to get crowded. Another network called Isis -- backed by AT&T, Verizon and T-Mobile -- is expected to launch early next year. PayPal is also planning to unveil a new mobile payment system.
On Monday, Google made its foray into the budding market of mobile payment systems by launching Google Wallet, an app that stores users' credit card information on their phones, allowing them to purchase goods by swiping their phones at stores.
But this new form of shopping also raises new questions about privacy and security. According to Google, the app is even safer than a real wallet. But some experts say the technology presents privacy concerns while offering an attractive -- albeit challenging -- target for cyberthieves.
"You can be relatively certain that bad guys will look at ways to exploit this," said Kevin Mahaffey, co-founder of the mobile security firm Lookout, Inc.
For now, Google Wallet is only available to consumers using Google’s Nexus S 4G phone on Sprint Nextel’s network and a Citi MasterCard credit card. On its blog, Google said it hoped to eventually open the app to Visa, Discover and American Express credit card holders.
The mobile payment market is expected to get crowded. Another network called Isis -- backed by AT&T, Verizon and T-Mobile -- is expected to launch early next year. PayPal is also planning to unveil a new mobile payment system.
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