Mobile Payment Systems Unite

Published on March 11, 2015 15:45:45 PM
Technology
Google is preparing to launch a mobile payments framework called "Android Pay”, Google SVP of product Sundar Pichai discussed project in the MWC Barcelona, Spain.
Android pay will provide an API for developers to build mobile payment capabilities into various applications. Google aims to unify mobile payments with this framework.
Android pay SDK will have a bundle of standard features of mobile payments such as tokenized card numbers. Both the developers and manufacturers will be able to use the framework to build payments into their own payments.
The android pay framework would be compatible with various technologies like NFC (Near field Communication), MST (Magnetic Signal Transmission), EMV (Euro Pay, MasterCard, VISA).
Pichai said, Google intends to work with Samsung to align Android Pay with Samsung Pay that might be crucial for Google, because Samsung dominates the Android market. Android Pay also might work with EMV cards, which eventually might replace the magnetic cards currently used in the United States, because they're more secure. Nearly 600 million EMV cards will be in circulation in the U.S. by the end of 2015, the Payments Security Task Force has predicted.