Google is implementing in their Android devices technology that will allow users to pay for their purchases by simply waving their phone over a small reader on the counter of a store. The project involves partnership with MasterCard Inc., Citigroup Inc., and VeriFone Systems Inc.
According to The Wall Street Journal, Google aims to make mobile payments possible as an easy way to give a boost to its advertising business. The planned payment system would allow Google advertisers know more data about the final customers, that way they could allocate advertising and discount offers to mobile devices users nearby their shops. Google is not expecting a cut on the transactions fees.
The best analogy would be to see it like turning phones into electronic wallets.
For sure, people will feel insecure to use this payment method, but the truth is that a smartphone is more complex than a magnetic card and there are better possibilities of implementing security protocols on them.
In any case, there will always be resistance to change, but also there will be new security measures, new methods to be cautious when making a purchase, and certainly also a part of organized crime will be with their eyes on these electronic wallets.
Times change, new methods to do the same things come up. Now, I think maybe our next passport is going to be an extension of Facebook on our phone…
But, what do you think about this? Will you be willing to pay with your phone?