Google enters mobile payments business in the US – The Economist

Android Pay Pay Apple compete with Apple Inc in the market for payments with mobile devices.

The technology giant Google Inc said on Thursday launch Android Pay, an application for payment with a single contact will be available for mobile devices running the operating system and more than one million merchants in the United States.

The payment service can be used on Android devices that have the technology Near Field Communication (NFC for short) and the KitKat 4.4 of Google or a more current operating system

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Android Pay Pay Apple compete with Apple Inc in the market for payments with mobile devices, which research firm IDC believes will reach one trillion dollars in 2017.

Users who already have the Google Wallet Android application can access Pay through an upgrade, while new can download it from the Google Play store in the coming days.

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Google shares rose 1.19% to $ 651.08 in afternoon trading

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The company said the service payments could be used in stores operated by companies such as Aeropostale Inc, Macy’s Inc, GameStop Corp and Staples Inc.

Android Pay will be available at more points over the next days and more features will be added in the coming months, Google said in a posting on his blog

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The application will accept Credit cards and debit networks American Express Co., Discover Financial Services, MasterCard Inc and Visa Inc, in addition to those issued by banks such as Bank of America and US Bank.

As a safety measure, The service uses the industry standard of “tokenization” which replaces the details of the credit card user by random numbers when a trade transmits transaction data, reducing the risks of theft online.

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