New mobile payment program approaching from Google

Android smartphones will soon have a Google made mobile payment system. Google is introducing its own near-field communication technology, which uses a chip mounted in a phone that is read by a sensor and linked to a bank account. Google is just the latest business to jump on this technology for financial transaction purposes. The wallet will soon be a thing of the past.

Sprint debuting new payment system on Nexus S smart phone

Do you’ve a smart 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. If a merchant has an NFC reader at the point of purchase, customers need only to tap the phone near the reader to initiate the transaction and have their checking or credit account charged accordingly. Sprint, according to Bloomberg, is unveiling its own NFC program developed in part with Google, and will be accessible on Sprint phones starting with the Nexus S Android smartphone.

Same product, but from Google

The Nexus S Android smart phone will be how you are able to get the system from Google at first. With increasingly more phones coming out on the Google-based Android platform, the Google payment system will become more readily accessible. 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. Mobile-phone based commerce was estimated at $370 million worldwide last year. Currently, Apple is working on an NFC program too. It needs to keep up. To be able to ensure uniformity, ISIS is hoping to be able to team up with Google, Apple, credit card businesses and banks to make sure the systems are all compatible. This will make sure there is uniformity throughout the states. When doing transactions, NFC technology is hardly ever used. It is fairly old technology though.

Other mobile payment systems on the horizon

There are always many options. There are more than “mobile wallet” types around. Square, for instance, turns a smart phone into a credit card machine. The charge card reader is put into the headphone jack while the Square app has to be downloaded. The user then can simply swipe a charge card to receive a payment. Square was unable to send payments, just receive, in 2009 when it came out. When going to a clerk in a participating store, an individual can now purchase goods with Square. This is the new version, states CNN. The store clerk finds the Square customer’s information. This is how the charge card is billed. No chip reading is needed.

Articles cited

Bloomberg

bloomberg.com/news/2011-05-24/google-to-unveil-mobile-payment-service.html

Forbes

blogs.forbes.com/elizabethwoyke/2011/05/17/mobile-payments-jv-isis-eager-for-apple-google-sprint-to-join/

CNN

cnn.com/2011/TECH/mobile/05/23/square/