As I had mentioned in the Android M report, Google introduced Android Pay at the I/O developer conference today. It is Google’s latest attempt to grab a pie of the lucrative mobile payments market.
Android Pay will not only allow the consumers to pay at stores using their smartphone, but will also power the in-app payments.
The search giant already offers a similar service in the form of Google Wallet, but due to the lack of participation from telecom operators and partnerships with financial institutes and retailers, Wallet never really took off. This time around, Google is ready for all this with Android Pay.
The company is working with retailers, telecom operators and banks to offer a seamless payments experience. Some of the Android Pay partners include AT&T, T-Mobile, Verizon, American Express, Discover, MasterCard, Visa, Braintree, CyberSource, First Data, and Stripe.
Where will it work?
According to Google, the consumers will be able to pay using Android Pay at over 700,000 stores in the United States and in over 1000 partner applications. All you have to do is sync credit/ debit and loyalty card details with Android Pay and you are all set to start paying with your smartphone. You will also be able to add card details directly from your supported bank apps.
How does it work?
“With Android Pay, you can simply unlock your phone like you normally do, place it near a merchant’s contactless terminal, and you’re good to go. Android Pay does all the heavy lifting. You don’t even need to open an app—just tap and go. You’ll also see a payment confirmation and get transaction details right on your phone,” explained Google.
Google notes that security is at the center of Android Pay and if you use Android Pay, the store or applications will never receive your credit or debit card numbers. Instead, Android Pay uses a virtual account number to represent your account information.
When will Android Pay be available?
Google hasn’t shared a fixed date, but the company has noted that it is arriving in Google Play soon for devices running Android 4.4 or above.