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Google Inc to re-define payment structures with NFC technology
Search engine giant Google Inc on Thursday said that it will be introducing a new payment method with the help of Sprint smart phones that come enabled with the Google Android OS. The technology will initially be available in five major US cities.
EXPANDING ITS domain in the world of real time business, leading internet search giant Google Inc on Thursday said that it will soon be launching a mobile payment system applicable only for smart phones. As per news reports, which surfaced soon after the announcement was made, Google will be tying up with MasterCard and Citigroup Inc to get the project rolling.
The mobile payment gateway by Google will also enable customers to make their payments with their smartphones instead of swiping credit cards. People familiar with the matter also stated that the technology will be available on specially equipped phones that run on Google Android operating systems. Currently, the technology is available with Nexus S from Sprint, which is also the third largest wireless operator in the United States.
The near-field communications technology (NFC) enabled system lets the customers make the payments and subsequently redeem their coupons with the phone. The service will be initially offered in selected cities across the United States viz, New York, San Francisco, Los Angeles, Chicago and Washington, D.C.
A media event will be held in New York on Thursday by Google Inc in, which the system is slated to be unveiled. The software and hardware part is being offered in collaboration with VeriFone Systems Inc and VivOTech Inc.
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