Google introduced its new mobile wallet, dubbed Android Pay, Thursday at the Google I/O developers conference in San Francisco. Much like Apple Pay, Google’s new product will use near-field communication (NFC) to allow users to make purchases at the point-of-sale.
Also like Apple Pay, Android Pay does not transmit card information with the payment. Instead, a one-time token is transferred, offering users a layer of security.
This is Google’s second attempt at tackling the mobile market. The technology giant clearly hopes this one fares better than its previous effort, Google Wallet.
Google said it expects Android Pay to be accepted at more than 700,000 retail locations. Though no date was given for Android Pay’s rollout, Google said it would be available on Google Play soon.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.
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