Google is launching its own mobile payment systems accessible for smartphones in the near future. The system will be using near-field communication technology, or computer chips that could be scanned by reader machines and the chips can be connected to credit or checking accounts to make wire-transfers and payments. The technology is actually old, but as it becomes a tool of financial purchases, the wallet will eventually go the way of the dodo.
Nexus S mobile phone to have Sprint's new payment system
Do you have a cell phone? Then you better have mobile payment processing too. In the next few years, ISIS will be developed and installed as a near-field communications technology in a joint effort with AT&T, Verizon and T-Mobile. Near-field communication, or NFC, technology works by planting a readable chip in a phone that contains the user's credit card or bank account information. Merchants will need to have NFC readers for the customer to use the technology. With the reader, the customer can simply tap the phone to initiate a purchase with the account information. Google helped develop the NFC program that Sprint is unveiling which will be on the Nexus S Android smart phone, reports Bloomberg.
Google offers the product too
The first way to get Google mobile payment systems going will be on the Nexus S. This is an Android mobile phone you would have to buy. With increasingly more phones coming out on the Google-based Android platform, the Google payment system will become more readily available. At first, Google will only debut the NFC technology in a few major cities. These include Washington D.C., New York, Los Angeles, Chicago and San Francisco. VeriFone Systems and ViVOtech software is used to run the Google NFC technology. About $370 million worldwide was spent last year with mobile-phone based commerce. That's a good chunk of money. Apple is currently working on its own NFC program. ISIS, according to Forbes, hopes to partner with Google, Apple and all banks and credit card corporations in the U.S., including other NFC program producing firms, to be able to ensure uniformity of technology nationwide. When doing transactions, NFC technology is hardly ever used. It is fairly old technology though.
Even more mobile payment systems on the rise
There is more than one type of "mobile wallet." One choice is Square. It turns a smartphone into a credit card machine that could be used. You have to download the Square app. Then, the credit card reader needs to be put into the headphone jack for using. All a user has to do is swipe their card. This will give payment to the user. Square was unable to send payments, just receive, in 2009 when it came out. The new version of the Square app consists of a way to pay for goods in participating stores using a mobile phone, according to CNN, by selecting the store in the app when a person goes to pay the clerk. The store clerk simply checks the store's database for Square-using consumers and bills the customer's charge card. No chip is needed. It can do it without the chip.