Report: Google to unveil mobile payments this week
Google will take the wraps off a mobile payment system tomorrow that lets consumers pay at checkout with phones instead of cards, a source said, hoping to beat Visa and others to the punch.
The move comes after Orange and O2 announced plans to bring similar NFC payment systems to the UK this summer.
Google will work with MasterCard, to launch the system, the source familiar with the matter told Reuters. Google has teamed with MasterCard and Citigroup to develop the system, earlier reports said.
The experience of buying things will be better, faster, cheaper
Google invited reporters to attend a “partner event” on Thursday in New York to demonstrate what it called its “latest innovations.” It plans to unveil a mobile payments system that will run on the Android, Bloomberg added.
A source familiar with the matter confirmed Google would launch the program. Citigroup did not respond to requests for comment. Google and MasterCard declined comment.
Shoppers abroad, especially in Asia, can already wave phones at the check-out counter to pay for everything from groceries to gasoline, while Orange is allowing payments via an NFC Barclaycard system at some shops and cafes using a Samsung handset.
“There’s room for more than one competitor,” said Google Ventures Managing Partner Bill Maris, speaking about the industry in general.
Such services would appeal to consumers if they can help them save money or shorten their time in line at the supermarket check-out, he added. “The experience of buying things will be better, faster, cheaper,” he said.
Details are sketchy, but the Wall Street Journal reported Google was unlikely to get a cut of transactions, focusing instead on benefiting by helping retailers target ads and discount offers to Android users close to stores.