Google Wallet Lands on a New Smartphone: 5 Things to Know for the Week

Simon Zhen

Updated on Wed Jul 9, 2014

In what may be a big week for the mobile-phone industry, Google Wallet adds another smartphone to its collection. The Samsung Galaxy S3 will debut with the ability to power the mobile wallet — with hopes to spread the tech giant’s mobile-payment functionality to many consumers.

  • On Tuesday and Wednesday, the Federal Reserve will holding its next board meeting. The biggest focus for economists is the possibility for more stimulus to support depressed markets. Speculation of a third round of quantitative easing began since the stock market and other economic factors, such as the unemployment rate, showed little improvement in recent weeks.
  • On Thursday, the highly-anticipated Samsung Galaxy S3 smartphone will release for Sprint. The phone will be capable of powering Google Wallet, the mobile-wallet venture by the search-engine giant. New users will receive a free $10 credit on their Google Wallet prepaid card account.
  • Questionable updates and “Likes” on Facebook may affect a user’s job prospects and, now, the social network may soon play a part in determining a user’s borrowing prospects. A FICO-like company in Germany submitted plans to use that data to help judge a borrower’s credit risk. The plans were rejected, but we may see similar plans show up elsewhere — especially when companies and creditors are using other metrics to assess creditworthiness.
  • Banks are taking greater measures to defend the security of customer accounts in an age that revolves more and more around online and mobile banking, a key to convenient but also to theft and fraud. A study by Javelin Strategy & Research found that many bank customers are discovering fraud with the help of their mobile devices, which helps to reduce the damage than can be done to their finances.
  • The security breach at a major payments process — Global Payments Inc. — may be more disconcerting than previously suspected. The company said that there was no evidence that cyber-thieves took any information from up to 1.5 million card accounts in April, when the breach was disclosed. Now, investigators found that personal and sales data may have been accessed. As always. keep an open eye on your card statements.

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