Google strikes deal with telcos on m-payments
Providers to start pre-installing Google Wallet on smartphones later this year
Google has struck deals with a number of US telecoms companies to preload its m-payment app on Android handsets, in a bid to compete with Apple Pay, Reuters reported.
AT&T Mobility, T-Mobile USA and Verizon Wireless have agreed to pre-install Google Wallet later this year. The app stores credit or debit card data consumers can pay for goods through special terminals in participating retail outlets.
Adoption of such systems has been slow, partly due to the inability of service providers to convince consumers of their added convenience over that of credit cards, but mostly because of the start-up costs for retailers, who must pay for installation of custom-built terminals.
Last week, Google handset partner Samsung announced its acquisition of US-based e-wallet start-up LoopPay, which offers an app that can make purchases via the same magnetic strip reader used, according to Reuters, by 90% of checkout counters.