Google Wallet, the future payment system application, has implemented Near Field Communication (NFC) technology to facilitate transactions. The service has already been tested in San Francisco and New York. They plan to test the service in Los Angeles, Chicago, and Washington DC.
Mobile payments are frequently made inadvertently. Examples include purchasing digital media such as music, videos, ringtones, and online games, subscribing to services, or acquiring electricity or other services. Payment methods may include premium SMS, direct billing on a cell phone, Mobile WAP, or Near Field Communication (NFC) technology. NFC is now a widespread payment option, most notably in New York City on May 26, 2011, where Google’s Google Wallet application was introduced.
At the time, Google showcased its application to Citi MasterCard, First Data, and Sprint, among others. Stephanie Tilenius, Google’s vice president of commerce and payments, said that the main purpose of the application is to use mobile phones to make payments, especially for Android users. It was projected by Borrell Associates Inc. that the use of mobile coupons for shopping in the US would reach 6.53 billion US dollars by 2014, up from 370 US dollars in the previous year.
Various parties are expected to partake in this venture, including but not limited to cellular operators, banks, credit card issuers, payment networks, and technology companies. This provides an excellent opportunity to capitalize on the potential emergence of digital payments as the new norm.
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