Google working with Mastercard, Citibank for payment system

We all know that the inclusion of NFC chip on Nexus S was just a start and since we have been hearing about the Google’s payment project plans.

Thanks to today’s story by WSJ. We have more details on the upcoming payment system for Android devices by Google. According to the report, Google is working with Mastercard and Citibank to develop a payment system, which will allow select Android smartphone to be used as mobile wallets.

The current testing is only limited to one handset, which we suppose is Nexus S, while the functionality will be activated on future phones as well. The project which is in its nascent stage will allow Citi Bank card holder to use their Android phone with NFC chip to make payments at shops instead of using the plastic money.

The current process also involves a company named VeriFone Systems, which makes credit-card readers for cash registers. VeriFone would develop the contact-less devices, or readers that will enable consumers to pay with a wave or tap of a credit or debit card.

Google is also in talks with retail chain like Wal-Mart to use this technology.

More Coverage: WSJ


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