Google set to launch mobile payments

 
Steve Dinneen
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GOOGLE will today unveil its first “mobile wallet” technology that turns your phone into a touch-payment system.

Google’s VP of commerce and payments Stephanie Tilenius said: “We’re making a big bet on it as a company. There is a lot of potential there.”

It is understood the service, known as Near Field Communication (NFC), will be trialled in the US with partners MasterCard, Citigroup and network operator Sprint.

The technology, which is built into Google’s Android operating system, could eventually mean credit cards are no longer necessary to make payments.

Orange and Barclaycard last week announced the UK’s first contactless mobile payment service in stores including Pret A Manger, EAT and Subway.

It will allow users to make purchases of £15 and under without requiring a PIN.

City A.M. got a sneak peek of the technology last year in the Spanish town of Sitges as part of trials by Visa.

Visa and Monitise hope to showcase the technology in the UK in time for the 2012 Olympics.