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UPDATE: Google to launch NFC payment system called Google Wallet
By James Lenhart

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Google is holding a conference this morning in New York about the possible release of their NFC payment system being titled at the moment as, “Google Wallet”.

Recently Google began funding the installations of Verifone readers in locations across New York City, and San Francisco area. On top of their partnerships with Citigroup and MasterCard, they’ve also teamed up with Samsung to bring NFC to the Nexus S phone.

Google has been talking about NFC payments for a while now, and it’s safe to say that we should be hearing something soon. Check back later today for an update on the details of Google Wallet.

UPDATE: Google has confirmed everything mentioned above, but has also announced another service called Google Offers which is similar to Groupon, but has some very enticing features. Instead of an offer every day from specific retailers who are participating, Google will bring you deals based on places you’ve used Google Wallet.

It’s also known that Google is using a technology called PN65 in addition to the NFC technology to make things more secure.

We also know that Sprint is working hard with OEM’s to integrate Google’s services into their phones, so expect to see this stuff mashed into Sprint phones later this year. On top of partnering with Citigroup and MasterCard they’ve also partnered with First Data. The president of First Data said that you wouldn’t have heard of them unless you were in the “industry”. First Data processes $40 billion in payments annually.

It looks like Google is definitely getting ready to hit the retail industry hard, well at least in San Francisco and New York. However we should start seeing them expand very soon.

70% of consumers feel comfortable with linking their information with an internet service now, so it’s just a matter of getting these NFC devices into the hands of consumers and readers into the stores to use the technology.

Source: Mashable


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