Android Pay, unveiled at the Google developers conference in San Francisco, brings together mobile carriers, payment networks, banks and retailers to allow smartphone users to use their handsets instead of cards. Google engineering Vice President Dave Burke said Android Pay would work in more than 700,000 U.S. retail outlets that accept contactless payments. Similar to the Apple Pay system unveiled last year, Android Pay will allow consumers to store credit card information on their handsets along with loyalty cards and other data. For extra security, Android Pay will generate a one-time "token" or virtual account number so the actual credit card data is not revealed in a transaction.
Google said in February it was teaming up with the mobile phone payment firm Softcard to ramp up its efforts in the emerging sector. This will allow Google Wallet to become a pre-installed "tap to pay" app on Android smartphones. No date was announced for the roll-out of Android Pay, but the Google statement said it would be "available on Google Play for download soon." Apple's iOS and Android rule the global smartphone market, and the companies are eager to be at the potentially profitable heart of shopping or other financial transactions as consumers go increasingly mobile.
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