WSJ: Google to hook up with MasterCard, Citigroup in mobile payments venture

According to the Wall Street Journal, Google, MasterCard, and Citigroup are collaborating to bring mobile payments, via NFC, to Android smartphones. Citinganonymoussources, the publication writes that the new service would allow holders of Citigroup-issued debit and credit cards to pay for purchases by activating a mobile-payment application developed for one current model and many coming models of Android phones. The report also notes that users of the mobile payment service will be delivered targeted ads or discount offers which will be sold by Google.Ed McLaughlin, Chief Emerging Payments Officer at MasterCard,provided BGR with the following statement:

We are aware of the speculation that appeared in the Wall Street Journal todayconcerningour role within mobile payments with Citi and Google. However, we do not comment on market rumor or speculation. What we can tell you is that we are pleased to see great interest in NFC technology it is a very high priority at MasterCard and we think that 2011 will be the year of mobile payments.

It is assumed that both MasterCard and Citigroup will profit from the venture by dividing the feesassessedto retailers for accepting credit payments. Google will generate revenue from the sale oftheaforementioned, targetedadvertsand coupons. The purported system is expected to be released sometime this year.

Read


Comments

Post a Comment

Popular posts from this blog

12 startup founders discuss working on Christmas Day

Image
Well, it would seem a trifle rude to not begin proceedings with a warm Merry Christmas. But I must askwhat the hell are you doing reading this when you should be playing your new Nintendo 3DS, or guzzling that tenth mince pie of the day? But then, you will probably ask what the hell am I doing here writing this piece on the holiest of holy-days. My excuse? I love what I do, so its not like Im really working per seplus, I actually prepped much of it yesterday. And your excuse is likely along the lines of I love all things tech, why would I switch off just because my calendar says December 25? Fair point. Confucius once said: Choose a job you love, and you will never have to work a day in your life. Nice sentiments for sure, but theres still the issue of a healthy work/life balance to contend with even for startup founders. So I asked a handful of founders and CEOs whether they would be working on Christmas Day this year, or whether theyd treat themselves to a day off. I mean, it is a...
Keep reading

Flipboard needs to branch its content out from US/UK, heres why

Image
Earlier this month, an eagerly anticipated iPhone app was finally launched as Flipboard took its highly acclaimed iPad app to the phone. The app has been out for a few weeks and, with the deafening chorus of cheers fading, Ive found myself shunning its beautiful and innovative design for the simple fact that its content isnt relevant enough for me. Compared to Zite , which may not be as aesthetically pleasing, Flipboard comes up wanting on content. Zite is, among others , an app which aggregates content from my social web Twitter, Google Reader and others giving it to me in a magazine style layout. Though it lacks the page flipping ingenuity of Flipboard, the reading is more varied, which is ultimately what Im looking for from a social magazine. There is credit to be given to Flipboard however, as it is addressing the issue by building an editorial team, as its founder told Robert Scoble recently . The company has also started curating content publicly too, with @flipboardtech cura...
Keep reading

Digitimes: Apples iPhone 5 to include smaller screen and metal chassis

Contray to previous reports that suggested Apples next-generation iPhone would include a 4.2-inch touch screen panel, Asian technology publication Digitimes reports that the device will feature a smaller 4-inch panel, adapting the rear of the device to ship with a metal chassis instead of reinforced glass. Digitimes points out that the many of the rumoured specifications expected to be featured in the iPhone 5 are the markets expectations, with sources indicating that the device will possibly adopt a significantly smaller screen than first imagined: The sources pointed out that the upcoming iPhone will not have many differences compared to iPhone 4 in terms of components and the panel will still be less than 4-inch. The iPhone 5 will adopt a 3.5- to 3.7-inch panel with a design to allow the bezel of the panel to become thinner and make the screen look larger. The inclusion of a metal back will divide opinion, given suggestions that Apple had intentionally utilised glass designs to boo...
Keep reading