June 23, 2011
Google announced and demonstrated Google Wallet, an app that will make your phone your wallet so you can tap, pay and save money and time while you shop. For businesses, Google Wallet is an opportunity to strengthen customer relationships by offering a faster, easier shopping experience with relevant deals, promotions and loyalty rewards. Google Wallet uses near field communication (NFC) to make secure payments fast and convenient by simply tapping the phone on any PayPass-enabled terminal at checkout.
“Today, we’ve joined with leaders in the industry to build the next generation of mobile commerce,” said Stephanie Tilenius, vice president, commerce and payments, Google. “With Citi, MasterCard, First Data and Sprint we’re building an open commerce ecosystem that for the first time will make it possible for you to pay with an NFC wallet and redeem consumer promotions all in one tap, while shopping offline.”
Google Wallet is currently in a field test and will be available to consumers this summer. At the event, Google, Citi, MasterCard, First Data and Sprint introduced Google Wallet and invited additional issuing banks, payment networks, mobile carriers, handset manufacturers, point of sale systems companies and merchants to join the initiative.
At commercial launch, Google Wallet will support payments with two payment solutions: a PayPass eligible Citi MasterCard and a virtual Google Prepaid card. Most people who already have a PayPass eligible Citi MasterCard can simply add it to Google Wallet over the air, using First Data’s trusted service manager service. Or, they can fund the Google Prepaid card with any payment card.