Johannesburg: It looks like 2015 is going to be a big year for mobile payments with Apple Pay gaining rapid adoption and Samsung making its way to this game. And now, Google has also decided to ramp up its efforts in this space with Android Pay. Google is now teaming up with T-Mobile and Verizon to preload its mobile payment applications on new Android devices and is also creating a new framework to power payments across its OS.
Apple Pay, while allowing users to make purchases in any physical store using NFC, it also provides some tools that allow retailers to offer online checkout offers. Though Android Pay doesn’t go that much into detail, it’s sure that it definitely offers some similar features like that of its rival. Tokenized card numbers reduce fraud by generating one-time card numbers on each transaction. Android pay supports MasterCard, Visa and other major cards.
How Android Pay works?
Google has disclosed a rival mobile payment system to Apple Pay and Samsung Pay called Android Pay. It works as a mobile payment system for third party developers which lets users pay for their goods using an Android smartphone. This new service allows users to make payments for their goods through an Android device without any contact. Here in this system, each transaction will generate a one-time token which is sent to the receiving device to avoid fraudulent activities.
Initially, the Android Pay service uses near field communication (NFC) technology, but later, it will also be able to take the advantages of biometric devices like fingerprint scanners. The credit card details will be stored locally so that the payments can be made without data connection on the smartphone. Google says that the service is being built in such a way that nobody else can build a payment service on the top of Android. Africa and China are the two places that are expected to use this service the most.
It will not be a standalone application!
Users will now be able to pay for their goods in brick and mortar stores as the service is being pitched to developers to build directly into their apps. But the thing is Android Pay will not be a standalone application like Apple Pay on iPhone. It will be used by some third party apps to create payment products like payment provider specific apps. It acts as a credit card replacement as well as the payment source.
It’s not that the Google Wallet will be shut after the arrival of Android Pay. But Android Pay will be integrated as a payment source. Google Wallet has failed to reach wider audiences in spite of being available on Android smartphones right from 2011. Certain mobile phone operators also tried to leverage their billing system as a way to pay for the goods and services using a smartphone.
It was the entry of Apple Pay which ignited a race in payment systems last year. The same spark is expected on the launch of Android pay to capture a slice of potentially lucrative market. Time for its launch has not been decided yet, but it’s expected to arrive in June after the Google’s developer conference.
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