Google reportedly working on mobile payments system

The Wall Street Journal has reported that Google is working on a mobile payments system for Android users.

Consumers would be able to use their smartphones to pay for transactions at retail stores, simply by holding their Android-powered device near a reader at a checkout. The web giant has reportedly teamed with Citigroup and Mastercard on the project.

Paying for products and services using mobile phones is not nearly a new concept, as it has been rolled out in some areas across Europe. Nokia has been pushing for the technology to emerge worldwide, using Near-Field Communication (NFC).

According the WSJ report, Citigroup customers with credit or debit cards will soon be able to download an Android app that works with one model currently on the market (and several coming soon), enabling them to use their phones to make transactions.

Written by: James Delahunty @ 29 Mar 2011 17:02

shortybob

Google already let that malware slip on their Android OS, and people go through phones faster than shoes nowadays, so who in their right mind would actually do this?

30.3.2011 01:15 #1

TBandit

Originally posted by shortybob: Google already let that malware slip on their Android OS, and people go through phones faster than shoes nowadays, so who in their right mind would actually do this? People do go through phones but there is only a select amount of OS's you can have on the smartphones. I'm wondering what this will do to the credit card market if it ever sees light.

30.3.2011 02:39 #2

lissenup3

Originally posted by shortybob: Google already let that malware slip on their Android OS, and people go through phones faster than shoes nowadays, so who in their right mind would actually do this?
Ahhhh! Exactly what I'm thinking.

I did some research on NFC and if you lose your phone, you're F'ed, no secure communications so even though the distance vector is mere centimeters, someone can still jack the signal like they do with ATM machines......and then you're F'ed. There are other things too.

This will fly only because people are dumb and totally complacent regarding security but it shouldn't because it's unnecessary and phones get recycled every 2-3 years. Look at Apple; they push their crap out every year.........except this year of course.

30.3.2011 11:22 #3

xboxdvl2

I think its a terrible idea.saw it on a current affairs style tv show months ago.companies just keep finding more and more ways for people to spend there hard earned cash.I dont even own a credit card,i buy what i can aford if i dont have the money i dont buy it.Mobile phone theft is gonna increase.lose your phone and life savings in 1 go.

married to my car and computer.both of them have problems.

31.3.2011 07:56 #4

lissenup3

Originally posted by xboxdvl2: I think its a terrible idea.saw it on a current affairs style tv show months ago.companies just keep finding more and more ways for people to spend there hard earned cash.I dont even own a credit card,i buy what i can aford if i dont have the money i dont buy it.Mobile phone theft is gonna increase.lose your phone and life savings in 1 go.
I do have to say though that while not owning a credit card is a noble attempt at maintaining your credit from spinning out of whack, it is also clearly indicative of your inability to maintain good credit at the most basic level and is also indicative of the fact that you don't even trust yourself so it's no wonder that creditors probably don't extend credit to you.

Now..the reality. Credit cards are considered "revolving credit" and boost scores dramatically showing your ability to continuously make on-time payments and that will be absolutely necessary for EVERYONE in the future if you/they want to buy a home or car at a LOW A.P.R. or take advantage of interest free financing specials. However, if you plan to buy all your cars with cash and homes with cash then credit is not necessary for you but even more, shows your immature nature regarding the responsibility of squaring up with others.

Not using CCs is the biggest misconception of "being in control" of one's self..........when in actuality, it shows that one has no control.

31.3.2011 11:07 #5

xboxdvl2

i can go get a credit card no problem.probably (after that) blow a few grand on electronic goods using a credit card and have a year or 2 to pay it back.I dont want the responsibility.I pay my gas,electric,water bills,rent on time everytime.I plan on buying a car very soon and ive got enough cash to buy a cheap car.I dont believe in spending money I dont have.

married to my car and computer.both of them have problems.

1.4.2011 02:17 #6

rayson

I have heard this news much before. They have tie-up with many companies and lot more to go. This system will make payment process easy and secure. Purchasing any thing like a second hand cars or a bottle of juice will be made easy.

6.7.2011 01:58 #7

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