Google Announces Android Pay as an Answer for Apple Pay
FREMONT, CA: Google unveils Android pay, a mobile payment application, at the Google I/O developer conference. Android Pay allows its users to make purchases online and also in brick and mortar stores using near field communication (NFC) technology running Kitkat or higher.
Android Pay brings together mobile carriers, banks, payment networks and retailers to deliver choice and flexibility at over 700,000 U.S. stores. For select retailers, customer rewards will be automatically applied at checkout. While making online purchases, selecting “Buy with Android Pay” will leave user with only a tap for checkout in over a thousand apps.
Google is working on standard security tokenization with leading financial institutions and payment networks to secure transactions, Fingerprint-scanning will be supported by Android Pay on upcoming Google’s Android M software similar to Apple’s Touch ID, reports Ruth Reader for VentureBeat.
A report by InfoScout, shopper insights provider, and PYMNTS – a financial services company– suggests Apply Pay which was announced last September, is being adapted but at a very slow pace. Conforming Android Pay to the users will be a challenge. Another challenge for Google will be Samsung, which manufactures popular android phones is planning to come up with its own mobile payment platform, Samsung Pay.
“It's still early days, but we're very excited and think that this type of open platform will help drive adoption in mobile payments.” blogs Pali Bhat, Director of Product Management for Consumer Payments, Google.