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Google working with Citigroup and MasterCard on NFC mobile payment solution - WSJ

Ever since Google launched the Nexus S with a Near Field Communications (NFC) chip, the industry has been abuzz with speculations on the future of mobile payments, and Google’s role in it. A report by the Wall Street Journal has revealed that Google is wo

By Abhinav Lal | Published 28 Mar 2011 17:19 IST
Google working with Citigroup and MasterCard on NFC mobile payment solution - WSJ

Google Nexus S

Ever since Google launched the Nexus S with a Near Field Communications (NFC) chip, the industry has been abuzz with speculations on the future of mobile payments, and Google’s role in it. A report by the Wall Street Journal has revealed that Google is working with Citigroup and Mastercard to develop its mobile payment system, turning Android devices like tablets and smartphones into electronic wallets that can be swiped (or in this case, waved) via reader at retail and other outlets.

As is always the case with Google, the plans for the payment system don’t just stop there. Google will also offer retailers various types of purchase data, giving them a better idea of their customers’ spending habits and desires. The smartphone platform will surely offer innumerable other ways for businesses to reach their customers. For example, location-based advertising will also be incorporated, with stores and other businesses offering targeted and/or personalized promotional content to those near them.

[RELATED_ARTICLE]According to the report, Google is not expected to charge a transaction fee, and in the early stages, only Citigroup debit and credit card holders will get the service on their NFC-enabled mobile phones. The service is expected to launch later this year. So far, none of the named parties have commented on the story.

Many proponents of the technology claim the system can easily be made secure, and safer than conventional credit/debit card payment, the payment information much better protected. Other mobile manufacturers are expected to join the bandwagon, with Apple and RIM also rumoured to be showing interest in incorporating NFC chips in their upcoming devices.
 

Abhinav Lal

About Me: https://plus.google.com/u/0/118371002657670425415/posts Read More

Tags:
NFC Near Field Commuication NFC chip Google Nexus S Nexus S Citigroup Citibank Mastercard mobile payment electronic wallet e-wallet mobile wallet mobile payment solution
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