Image via CrunchBaseGoogle Inc. has finally decided to unleash its mobile payment system on Thursday, which will allow all the consumers to have the facility of paying through their mobiles at checkout instead of using any kind of cards. Reuters informed on Tuesday that the internet giant leader has decided to collaborate with MasterCard Inc., which is the world's second-largest credit and debit card processing network down to Visa, to launch this new system. Both MasterCard and Citigroup Inc. will be the right hands of Google Inc. in the development of this new system, revealed Wall Street Journal back in March.
Further Wall Street Journal reported that the initial retail partners of the system include Macy's Inc., American Eagle Outfitters Inc. and Subway, which makes it suspicious whether this project will be released nationwide or only in the New York City at first. Google has openly invited the media to "partner event" hosted this Thursday in New York, where it is reportedly going to demonstrate its "latest innovations." This new mobile payments system of Google will run on the Android operated devices of Sprint Nextel Corp, as informed by Bloomberg on Tuesday.
Just a decade back people would not have even dreamt of such systems, mobile wallets still have a long way to go before they are properly adopted in United States. Even the services still have to suffer from industry infighting, consumer tastes and regulatory hurdles. Mobile Wallets are comparatively more popular in Asia, where people are already adopting cellphones to make payments at check-out counter. This trend has now caught fire in the West as all the mobile operators, banks, technology companies and card processing networks all attempt fiercely to take control of the high-potential market of U.S. mobile payments market.
Just lately the three top most U.S. mobile carriers including AT&T Inc, Verizon Wireless and T-Mobile USA, all attempted to form an alliance and collaborate with a bank and network partners to launch their own Isis mobile payments venture. This project is now halted as the companies adopt other dominant industry players, like Visa and MasterCard, at the moment.
"There's room for more than one competitor," said Google Ventures Managing Partner, Bill Maris. He had a very valid concern, stating that such services will only work if they help save money or benefit the user in some other manner, stating that "The experience of buying things will be better, faster, and cheaper."
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