According to Report on Gizmodo.com website Google Wallet had been hacked twice in two days.

On Feb 8th, 2012 Security firm Zvelo discovered a potential exploit against rooted phones. On Feb 9th, 2012 Tech blog TheSmartphoneChamp discovered how to accomplish the same feat on non-rooted phones.

The Feb 8th exploit required you to crack encrypted files, Feb 9th exploit requires you to simply clear the data in the app settings. Doing so forces Google Wallet to reset itself and prompt the user for a new PIN. Once that's done, the attacker ties in a Google PrePaid card to the account and presto—all previously available funds are once again accessible. The method has been tested by multiple sources and confirmed by Google itself.

Google has issued a statement regarding the new method,

We strongly encourage anyone who loses or wants to sell their phone to call Google Wallet support toll-free at 855-492-5538 to disable the prepaid card. We are currently working on an automated fix as well that will be available soon. We also advise all Wallet users to set up a screen lock as an additional layer of protection for their phone.

Just like Feb 8th, you can protect yourself by enabling the lock screen, installing tracking software, encrypting your drive, and not losing your phone.

Source: Gizmodo.com

@ sentix: The experience as been both good and bad. Let start with the Bad News, I visited (SHOPRITE) Ikeja City Mall after spending several minutes in the mall I approach the cashier with my Debit card and was shocked to be informed that their Verve & Mastercard terminal isn't working and to add salt to the injury all ATM machine in the mall are CASHLESS (The Machine are out of Cash).

The Good News is that the awareness about CASHLESS LAGOS is wide spread and I use my debit cards more now then Cash. Beside the application on the following terminals accepts all debit cards issued in Nigeria:

1. PAX S90
2. Ingenico IWL220

Please confirm if the terminal given to your client is any of the above or the old Verifone terminals.

Cheers

@ shina88: Can you be more explicit about your request.

Yeah, Mobile Money is Good.

According to a report tagged “Chart for countries with financial inclusion in Africa,” jointly released by Microfinance Information Exchange (MIX) and Mastercard Foundation, Nigeria has the highest number of unbanked people in Africa with over 80 million people not having access to financial services, despite the distribution of hundreds of microfinance banks across Nigeria.

Only 20 million people have access to financial services out of 70 million bankable adult.
Nigeria has a population of about 150 million people, Out of Which, Over 90 million people use mobile phones.
Do the math, Mobile Money is a critical success factor for Cashless Lagos.

@ eGuerrilla

Thanks for the comment. Its a normal thing to hand over payment channel (POS or Mobile Money) to a customer (Cardholder) to Authorized a transaction by entering his/her PIN.

Mobile Money start in May as a Pilot, just as Cashless Lagos is used as a pilot for Cashless Nigeria project.

Cheers

@ 9jaganja:
Mobile Money is for the Unbanked whereas Mobile Banking is for the banked.
They both do different things, Mobile Banking is connected to your Bank account whereas for Mobile money you don't need a bank account all that is required is just a mobile phone.

Cheers