Google Wallet Adds Visa On Mobile Payments

 

In it’s effort to push mobile payments, Google has agreed with Visa Inc. to allow Visa account holders to pay for store purchases with their Smartphones.

The Internet search leader had received a worldwide license to Visa’s  NFC-based payment technology “paywave” similar to Mastercard’s PayPass, enabling its installation on Android smartphones.  Customers link their credit or debit bank accounts to Android phones with the Google Wallet app installed.

Visa account holders will be able to add their credit, debit and prepaid accounts to Google Wallet, a mobile application that turns a smart phone into a digital wallet.  Google Wallet is designed to enable an open commerce ecosystem enabling consumers to carry payment cards, offers, loyalty and gift cards and much more.

“Mobile technology is transforming how people pay for goods and services,” said Jim McCarthy, global head of product, Visa Inc. “This agreement builds on Visa’s strategy of enabling consumers to make mobile payments with whatever device they choose using the trusted accounts they already have.”

The partnership aims to simplify consumer shopping by letting them pay for goods and services with phones, and joins a growing field of competitors, all of whom are vying for dominance in an emerging market.

Google unveiled the mobile wallet application in May.  It’s initial partners were Citigroup Inc., Sprint Nextel Corp., Mastercard Inc., and payments technology company First Data Corp.

Google’s rivals are also rising up efforts in mobile payments. Apple is reportedly developing a similar service tied to iTunes, joining a host of other players like Amazon, PayPal Mobile and others likeVisa, MasterCard and Verizon.

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