Google Closes Wallet temporarily

In the wake of two security flaws reported in the Google's Wallet mobile payment system last week, Google has freezed the system until the problem is fixed.Google Wallet users are temporarily held back from refilling their prepaid cards or activating new cards.

One of the two flaws affects only rooted devices.

But it's the second that troubles Google more. That flaw lets anyone operating the victim's phone gain access to the victim's prepaid card in Google Wallet simply by going into the device's applications settings folder, clearing the data for the mobile payment service and setting up a new PIN.

Google's spokesperson says a permanent fix will be rolled out soon.

Google's restriction on provisioning prepaid cards will only impact new cards and refills. Those of you who had already provisioned the prepaid cards, can use them as usual.