Smartphones Now Become Digital Wallets, Thanks To Google!
Web giant Google is all set to unveil a new mobile payment system, wave and pay, details of which will be given at the Technology event in New York.
Reportedly, this new technology will be dependant on Near-Field Communications(NFC) chips, which manufacturers have now started including in smartphones.
#-Link-Snipped-#
Google’s already available handset Nexus S, will be the first Android smartphone to have this “wave and pay†transaction system.
The firm has previously worked with Mastercard and Citigroup, and also some retail terminal manufacturers like Verifone, regarding some background financial processing. Trial of this system will be carried out in New York, reportedly at outlets including Subway, American Eagle Outfitters and Macy’s.
Not only the customers will have this facility of wave and pay, but this system will also "allow Google to offer retailers more data about their customers and help the retailers target ads and discount offers to mobile-device users near their store", according to the Wall Street Journal.
Earlier in November, Eric Shmidt, Chief Executive of Google, had stated that the use of NFCs in Nexus S would substitute users’ credit cards. “The reason this NFC chip is so interesting is because the credit card industry thinks the loss rate is going to be much better, they’re just more secure," he said.
Samsung has already launched its first NFC enabled handset last week in the United Kingdom. It’s a collaborative effort between Barclaycard and Orange which allows users to make purchases upto £15. Many thousands of established wave and pay retail terminals here were deployed by Visa, already in use by contactless credit cards.
Apple stands as a probable competitor for Google, as reportedly it is developing its own wave and pay system for the iPhone. It already has a established and popular system regarding its payments for iTunes store.
Source: Google to launch 'wave and pay' system for smartphones
Reportedly, this new technology will be dependant on Near-Field Communications(NFC) chips, which manufacturers have now started including in smartphones.
#-Link-Snipped-#
Google’s already available handset Nexus S, will be the first Android smartphone to have this “wave and pay†transaction system.
The firm has previously worked with Mastercard and Citigroup, and also some retail terminal manufacturers like Verifone, regarding some background financial processing. Trial of this system will be carried out in New York, reportedly at outlets including Subway, American Eagle Outfitters and Macy’s.
Not only the customers will have this facility of wave and pay, but this system will also "allow Google to offer retailers more data about their customers and help the retailers target ads and discount offers to mobile-device users near their store", according to the Wall Street Journal.
Earlier in November, Eric Shmidt, Chief Executive of Google, had stated that the use of NFCs in Nexus S would substitute users’ credit cards. “The reason this NFC chip is so interesting is because the credit card industry thinks the loss rate is going to be much better, they’re just more secure," he said.
Samsung has already launched its first NFC enabled handset last week in the United Kingdom. It’s a collaborative effort between Barclaycard and Orange which allows users to make purchases upto £15. Many thousands of established wave and pay retail terminals here were deployed by Visa, already in use by contactless credit cards.
Apple stands as a probable competitor for Google, as reportedly it is developing its own wave and pay system for the iPhone. It already has a established and popular system regarding its payments for iTunes store.
Source: Google to launch 'wave and pay' system for smartphones
Replies
You are reading an archived discussion.
Related Posts
For everyday use, we are trying to find an easier option for power supply. Students at Chemical Engineering Department in Stevens Institute of Technology, New Jersey have developed a micro-reactor...
We have good news for the paparazzos and the shutterbugs. At the Photokina Imaging show in Cologne, Germany, Hasselblad- a Copenhagen-based camera company had announced the launch of H4D-200MS which...
These days it’s difficult to carry a mouse everywhere with you as many people are not comfortable with the touch pad. So, there is a good news for you all....
The stats have traditionally confirmed that IIT Joint Entrance Exam (JEE) top rankers prefer to secure seat in IIT-Bombay. The institute has emerged as the most preferred engineering institute in...
Google India today announced the launch of 'Stret View' in India, starting with Bangalore. You may check out Google Street View India but be alerted that Google says "Google Maps...