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Google is partnering with MasterCard, Sprint and Citigroup to launch their new project called "Google Wallet," a phone-based mobile payment system. It will enable special chips embedded in many future Android devices to be used for payments, according to CNNMoneyTech.
Google's vice president of commerce, Stephanie Tilenius said on press event, "We're about to embark on a new era of commerce where we bring online and offline together."
She added, "We believe the shopping experience has not yet been transformed by technology or by magical experiences. Now, your phone can be your wallet -- you just tap, pay, and save."
Stephanie Tilenius worked at eBay for eight years before moving to Google in 2009.
Google Wallet will launch in San Francisco and New York this summer, and will go national "in the coming months."
That technology will enables mobile phones to become credit cards. The same NFC chips embedded in new Android devices exist in some credit cards and payment wands associated with customers' accounts. MasterCard, for instance, already has an NFC system called PayPass in place.
But near field communication or NFC payments have yet to take off in a big way. Just 150,000 contactless readers have been installed by U.S. retailers, according to the Federal Reserve. Google said Wallet will work at 120,000 retailers in the United States and 300,000 globally.
When you arrive at the store, you just tap your smartphone onto a reader at the store to pay.
Meanwhile, PayPal is suing Google, for stealing its trade secrets and employees, according to international technology news site.
Source: CNNMoneyTech
Google's vice president of commerce, Stephanie Tilenius said on press event, "We're about to embark on a new era of commerce where we bring online and offline together."
She added, "We believe the shopping experience has not yet been transformed by technology or by magical experiences. Now, your phone can be your wallet -- you just tap, pay, and save."
Stephanie Tilenius worked at eBay for eight years before moving to Google in 2009.
Google Wallet will launch in San Francisco and New York this summer, and will go national "in the coming months."
That technology will enables mobile phones to become credit cards. The same NFC chips embedded in new Android devices exist in some credit cards and payment wands associated with customers' accounts. MasterCard, for instance, already has an NFC system called PayPass in place.
But near field communication or NFC payments have yet to take off in a big way. Just 150,000 contactless readers have been installed by U.S. retailers, according to the Federal Reserve. Google said Wallet will work at 120,000 retailers in the United States and 300,000 globally.
When you arrive at the store, you just tap your smartphone onto a reader at the store to pay.
Meanwhile, PayPal is suing Google, for stealing its trade secrets and employees, according to international technology news site.
Source: CNNMoneyTech
Category: Internet , Technology , World
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