Announced at Google I/O 2015 Android Pay promises to succeed where Google Wallets (Google's first foray into the NFC payments) failed by taking advantage of its market share and preinstalling it's latest mobile wallet on all Android smartphones. Android devices account for 46% of all smartphones. 1,675,450,000 Android phones have been sold as of May 2015.
Google hopes that these figures will entice retailers to embrace Android Pay and thus avoid a repeat of the Google Wallets experience.
Google will offer tools that allow online banking apps plug into payments services.
Google claims that the process of using Android Pay will be even more straightforward than Apple Pay:
"With Android Pay you can simply unlock your phone,
place it near a contactless terminal, and you’re good to go. You don’t
even need to open an app. Tap and pay is that fast, that easy.
And when you tap at select merchants, your loyalty points and offers
are automatically applied at checkout too."
Security Features
- Virtual account number to represent your account information — Android Pay will not send the actual credit or debit card information.
- Payment confirmation sent immediately at the completion of transaction. Will list location along with the merchant's name and number. Designed to expose suspicious activity
- Instant lock and wipe of device via Android Device Manager when lost to stop fraudulent purchases.
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