Google looks set to launch a new electronic payment system at its I/O conference later this year. Called Android Pay (not to be confused with Apple Pay), it will exist alongside Google Wallet; although the two systems will remain separate entities.
Android Pay will allow developers to add a mobile payment option to their apps, and users will be able to upload debit or credit card information to allow for one touch payments and purchases. It will also be adopting a tap-to-pay function, which will allow for NFC payments at outlets that allow it.
If this sounds familiar, it is because Google Wallet already does all of this. However, the difference is that Android Pay will be built from the ground up using Google’s Host Card Emulation, which will make it easier for developers to take advantage of the NFC in Android smartphones. It is unknown if Google Wallet will hang around after Android Pay is introduced, but it is likely that both will co-exist until Google decides one isn’t performing to expectations.
Several companies are pushing for new NFC based payments, at least in Western countries. It is especially noticeable in the United States as most credit cards there are still using magnetic strips that are easily cloned and replicated. The country is attempting to skip the chip-and-pin system adopted by more advanced countries and go straight to digital payments through smartphones and other similar devices.
Electronic payment systems have taken a new life since Apple introduced its Apple Pay system, and that has translated into increased use across the board; even for systems that have nothing to do with Apple. Google Wallet saw a jump in usage; while Samsung has recently purchased LoopPay, an all-in-one wallet device.
[Source: Ars Technica]
