Google Teams with MasterCard for Mobile Payments - Other News

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Credit Card Applications » News » Other » Google Teams with MasterCard for Mobile Payments

Google Teams with MasterCard for Mobile Payments

Google Teams with MasterCard for Mobile Payments
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Everything is going mobile, and there is practically an app for anything you can think of as an iPhone user. But move over, iPhone — it seems as if Android is teaming up with Google, MasterCard and Citibank to add a mobile payment system to Android phones. The hope is to turn the Android phone into an electronic wallet.

Wave and Pay

People are rarely seen without their cell phones, so it makes sense that apps, such as the new Google one, would turn the phone into a form of payment. So Android phones that have the app are waved over a reader that would be installed at the checkout of the stores and retail locations. Payment is approved or denied, just as if consumers had whipped out and paid with a credit card.

What it Means for Retailers

As part of the wave of social commerce, waving Android phones over a store’s card reader would feed a plethora of information to the retailer. In short, Google will feed the retailers data about users that will allow the retailers to refine their marketing tactics.

For example, a retailer may send more targeted ads or special savings coupons to consumers that have purchased a particular product before. Geo-targeting capabilities, where the consumer’s location is picked up by the cell phone, may also allow the retailers to pick up on the location of consumers that are near their stores. The retailers can then send ads or coupons to the user’s Google phone in an attempt to lure him into the store. After all, consumers are more likely to check out a store if they have a coupon and just happen to be nearby.

For now, the Android app is only available to  Citigroup cardholders. The app is still in its infancy. Where it will go from here and how popular a shopping app it becomes still remain to be seen.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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