Google Working on Mobile Payment Technology

According to a news report published in The News International, the Internet Giant Google is joining Citigroup and Mastercard to create a new system of mobile payment which will eventually turn Android phones into a form of electronic wallet. The W

candan, Canada (prHWY.com) August 1, 2012 - According to a news report published in The News International, the Internet Giant Google is joining Citigroup and Mastercard to create a new system of mobile payment which will eventually turn Android phones into a form of electronic wallet. The Wall Street Journal reported this by citing examples of people, familiar with this system. The consumers will now have to hold their Android phones in front of a small screen/reader at the check-out counter to make payments after shopping. Although this new technology is in its primary stage, it will be useful for consumers, reported the Journal. Google can now target customers, with the help of this planned payment system, and would provide the retailers, detailed information about their customers. The retailers can now send advertisements and discount offers to mobile device users near their store locations. Google is not expected to get deduction of the transaction fees. Holders of Citigroup-issued debit and credit cards can activate their mobile payment application in their current model and can easily pay for their purchases. Many forthcoming models of Android phones will be developed for the same, Reuters reports in the paper.




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