Andre Yoskowitz
27 May 2011 1:29
Google has introduced their "Wallet" automatic mobile phone payment system today, turning NFC-enabled devices into credit cards.
Users with Android devices will be able to pay for groceries or other items by waving their phones in front of NFC readers.
Google, alongside launching their daily deal site Google Offers, says it envisions Android devices eventually being a "personal financial hub" for coupons, loyalty points, payments, receipts and more.
As a way to not scare the credit card firms, Google will not take any share of the fees generated from Wallet payments, instead relying on added revenue from traffic, ads and Google Offers.
Wallet will launch over the summer, with trials starting sooner in NYC and San Francisco. A few of the retailers that will soon accept mobile payments are Macy’s, Subway, Walgreens, Toys “R” Us, Bloomingdale’s and Guess.
As with physical credit cards, users have zero liability if there are fraudulent purchases and users need a PIN number to access the app, meaning the chip can't be accessed by hackers.