Google Wallet Didn't Ruin Digital-wallets Says Isis CEO - The UpStream

Google Wallet Didn't Ruin Digital-wallets Says Isis CEO

posted Sunday Mar 4, 2012 by Jon Wurm

Google Wallet Didn't Ruin Digital-wallets Says Isis CEO

Earlier this month, Google hit a security snag with Google Wallet that ended up exposing sensitive payment information for people who had their phones stolen and settings wiped. In general, Google doesn't like to think things through and seeing as how they've been racing through development to be at the forefront of digital-wallet adoption, this is not a surprise. Thankfully, Google was proactive about solving the problem and at least gave Google Wallet users some half-baked recourse.

What may come as a surprise to some is the reaction of Isis CEO Michael Abbot. For those of you not familiar, Isis has been in the process of developing a technology that would act as a framework for payment processors to integrate with. It's similar in concept to Bump in the sense that mobile phone manufacturers would build in their NFC technology and consumers could simply tap their phones against a retailers cash registers to render payment. They have been developing this technology with backing from Verizon Wireless, T-Mobile and AT&T and are looking to start technology trials in Austin Texas and Salt Lake City Utah around July this year.

Find out why Abbot's thinks Google hasn't ruined digital-wallet adoption after the break.

In an interview with CNET, Abbot had this to say about the Google Wallet security flaws,

I applaud Google for addressing the problem quickly. It's best for the industry if we move on.

Maybe Abbot is pulling back some possible punches and being a nice guy but it also seems that he feels their "solution" to the problem is acceptable. Security is a really big deal and has been a concern for both service providers and consumers since the beginning. Despite this, Abbot still feels that time will heal all wounds and that consumers will soon forgive and forget Google's security mishap.

There will be hiccups with any new service. Time and experience will heal everything.

If indeed that's true, it doesn't change the fact that inside your Google Wallet is... Google, which should be enough in itself to make potential users leery about the security of their information. With all eyes on everything Google does they can't really afford to make mistakes like this very often. Otherwise even their partners might seek out other possibilities like wireless service providers who could be more apt to handle mobile payments properly.

As a current or potential mobile payment user do you think Abbot is right about this being not a big deal and that it won't have a negative effect on digital-wallet adoption?


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