Google have announced a software update this month which has expanded its mobile payment capabilities.
Google have announced a software update to the Spirit Nexus S 4G which has enabled the phone’s near field communications (NFC) functionality. At present, Nexus users can link their mobile phone handsets to one of the four Citi MasterCard credit card accounts which are supported by the device:
- Citi Platinum Select MasterCard
- Citi Platinum Select AAdvantage World MasterCard
- Citi Dividend World MasterCard
- Citi ThankYou Preferred MasterCard
However, Google Wallet users who have credit cards which are issued by other banks can still use their accounts to fund the fifth NFC payment option supported by the Google Wallet – the Google Prepaid Card. Google credits all new accounts with $10 and have made a pledge to consumers not to charge any account fees for Prepaid Card top-ups or purchases right through until the end of the year.
Google Wallet allows users to make purchases and payments by tapping their phone against NFC enabled point of sale devices bearing either the Google SingleTap or MasterCard PayPass logo. Google Wallet has leveraged MasterCards existing PayPass platform which is already supported by a large number of national retailers including Duane Reade, Sunoco and FootLocker. However, Google Wallet also offers special offers and loyalty credits for retailers who make use of the Google SingleTap device. Participating retailers so far include American Eagle Outfitters, OfficeMax, Toys R Us and Jamba Juice to name just a few.
NFC devices are similar to ‘contactless’ credit cards which enables compatibility with existing payment terminals such as the MasterCard PayPass system. NFC phones connect to accounts which are stored remotely allowing users to alter payment details or even completely wipe them in the event of their mobile phone being lost or stolen. This is a fantastic security feature and to further prevent fraud first time Google Wallet users have to complete an account verification procedure before they can spend $100 with the Google Wallet service.
In a recent statement, Google assured merchants that they have no intention of charging additional fees foe the privilege of being able to accept Google wallet payments. Instead, Google are intending to use the mobile payments platform as a way to encourage merchants to participate in their AdSense and Offers advertising programs. There are also plans to expand Google Wallet to include additional credit issuers, banks and phone manufacturers over the next few years.
Similar Credit Card News:
- BOA to Trial Pay-by-Tap on Blackberry
- Predicted Rapid Growth In Mobile Payments
- Intel And Visa Form Coalition To Move Mobile Trade
- Major Card Issuers Poised To Use Mobile Payments
- Retailers See Huge Surge In Mobile Payments
- MC Waives Fees on Japanese Relief Donations
- GE Capital Credit Card Deal With ShopNBC