Google with MasterCard and Citigroup working on NFC payment system

Since the release of Nexus S and its NFC-payment functionality, there have been many rumors on the Web that Google is about to enter the mobile electronic payment system market. Currently, these rumors seem to be justified - Google is working in a team with MasterCard and Citigroup, trying in the work of the prepared system of NFC-payments. According to the Wall Street Journal, so far this system works with only one phone model that has already entered the market, but in the future it is planned to significantly expand the range of compatible devices.

So, the system will work together with debit cards and the Citigroup credit system (yes, for now all this is for the USA). In addition, the corporation has already managed to file a patent for its payment system, which, it seems, in the near future will become something more significant than the current project. It is planned that Google will become a kind of independent broker that receives information about orders placed by users through NFC, process such orders, providing delivery options and other options, and provide the total amount of the order to the client.

In addition, Google will collect payments, information on delivery options selected by the user, and send all this data to the seller to complete the transaction. Thus, seller companies get another convenient way to distribute their goods and services, with a centralized payment system. In general, it’s a very real competition for Paypal, and, apparently, a more convenient system for the buyer and seller.

So far, this is preliminary information, more or less in detail about all this can tell, of course, only an official participant in the project. But for now, they, the participants, are silent.

Via Engadget