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Google Teams Up With Finance Companies For NFC System

David Gilbert

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Google Teams Up With Finance Companies For NFC System

We reported a couple of weeks ago about Google’s plans for rolling out its NFC payment system by purchasing thousands of special NFC payment terminals from VeriFone Systems. Today, reports suggest that Google will partner with MasterCard and Citigroup to allow its consumers to use their phones to make payments.

The Wall Street Journal is quoting people familiar with the project who state that the project would allow holders of Citigroup debit or credit cards to pay for purchases with their phone. It would mean activating a mobile-payment app which has been developed for “one current model (Nexus S) and many coming models of Android phones.” The benefit for Google will not come in the form of a cut of the transaction fee but will instead will see the system be used to boost its advertising business.

In what sounds like a scary invasion of privacy, sources quoted by the WSJ say the system will allow Google to give retailers more information about their customers and so allow them to send targeted ads to their customers. If true, this will surely raise some serious issues regarding the protection of people’s information and could lead to a back lash against the system.

While 2011 was flagged as the year when NFC would become mainstream, we have yet to see our mobile phones turned into credit cards. However it seems as if Google is pushing forward with its development of NFC technology and should it succeed, we will no doubt see all others jump on board.

Source: Wall Street Journal

Chocoa

March 28, 2011, 8:50 pm

NFC makes smile and perhaps frustrated. Banks seem intent on providing ever easier ways to spend our hard earned and thus prosper form our actions.

In total contrast try and contact them to discuss a query / issue or complaint and you become entrapped in a web of option choices on the phone, then the infamous security questions including that forgottem secret password - word, your inside leg measurement and you great great great grandfathers' middle name etc etc. Then finally in a state of near collapse passed between various departments - hopefully experienced in our mother tongue probably now having forgotten why you telephoned in the first place thinking of BT's profits from all this values customer experience!....

If I wasn't so cynical yet oh so firmly grounded, I would despair of them.
- luvvit Google that virtuous circle is within your grasp!

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