Google Working on Wave-to-Pay Mobile System for Android [REPORT]

Google has teamed up with Mastercard and Citigroup to create a near-field communication mobile payment system on Android phones, the Wall Street Journal reports, citing several people familiar with the companies’ plans.

On the customer end, the technology would allow payments simply by waving an Android device in front of a NFC reader. To do that, owners of Citigroup-issued debit and credit cards would have to activate a special Android app (in development for one current and many upcoming Android devices, the WSJ claims).

This is where Google comes in: It would offer retailers data about their customers and help them deliver targeted ads and discounted offers to Android users near their stores. Instead of getting a cut of the transaction fees, Google would make money by selling these ads.

VeriFone is also involved in the deal. Its role would be to deliver NFC readers that enable these kinds of payments to retailers around the country.

The new mobile payment system is expected to be released this year.

The report comes hot on the heels of many rumors that Apple is working on a similar mobile payment system for iOS devices. To be able to do that, Apple would have to include NFC functionality in the iPhone 5, but Apple hasn’t officially confirmed any details about the upcoming device.

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