Google to turn your smartphones into credit cards!
London: Web giant Google has masterminded a mobile phone that doubles as a wallet.
Instead holding up checkout queues as customers rifle through their purses to find the right card, they will simply swipe the phone past an electronic reader to pay.
And experts claim it is a safer method of payment than magnetic strip credit cards, reports the Daily Mail.
Google has teamed up with Citigroup and Mastercard to develop the mobile payment system specifically for the Android phone.
They have also consulted VeriFone Systems, which makes credit card readers for cash registers.
The phone will also store shopping habits and trends so that retailers and businesses can more efficiently target consumers with discounts and advertisements.
Google is not expected to get a cut of the transaction fees, according to Wall Street Journal.
Initially, holders of Citigroup-issued debit and credit cards would be allowed to pay for purchases by activating a mobile payment application developed for one current model and many coming models of Android phones, it said.
Experts have claimed that it is safer method of payment than the traditional credit card.
“Because it`s contact-less there`s a perception people can grab it from thin air, but it`s actually a more sophisticated technology than credit cards with a magnetic stripe, making it more difficult to steal a consumer`s payment information,” said Nick Holland, a mobile-transactions analyst at Yankee Group.
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- PM Modi addresses the nation during Maan Ki baat
- Delhi police arrests BSF personnel, ISI operative for espionage
- Kerala's Sunni religious leader calls gender equality ‘un-Islamic’
- Maharashtra: Shani Shignapur temple purifies after woman offers oil
- Panel discussion on P Chidambaram's remarks over ban on 'The Satanic Verses'
- Video: India won't tolerate disrespect to national anthem – this Mumbai family learnt it the hard way
- Had Sardar Patel become PM, India would have been another Pakistan, says Kancha Ilaiah
- Watch: Boy dies after falling from a Mumbai local train – video maker is guilty too!
- Shocking! World Cup winning cricketer forced to sell 'kachoris' to make a living
- Pakistan's ISI spy ring busted in India, BSF jawan among 2 held in Jammu, 3 agents apprehended in Kolkata