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Google announces mobile payment system: Google Wallet

In Big Brother, Tech on May 27, 2011 at 7:19 am

By Edward C. Baid

Are you ready to pay for everything via your smartphone? Google is the latest tech company banking on it. At a packed press event in New York, the search giant launched Google Wallet, a method to pay for goods via your smartphone. Google also unveiled a separate initiative, Google Offers, for mobile coupons, working with partners such as Citi, MasterCard, First Data and Sprint, as well as merchants that include Subway, Macy’s, Walgreens and American Eagle. Google says it is building an open solution to other financial companies and retailers.

“Your phone will be your wallet — just tap, pay and save,” says Stephanie Tilenius, vice president of commerce at Google. Adds Osama Bedier, vice president of payments at Google, “This is just the beginning. We plan to push the limit and innovate in that space.”

Google isn’t the only one at it, of course. The Google announcement follows word that Square, a company headed by Twitter co-founder Jack Dorsey, will also pursue mobile contact-less payments.

For mobile payments to take off, consumer behavior will have to change. But Google points out that while a decade ago 70% of consumers were reluctant to pay for stuff online, today 70% access their credit card information over the Internet. At the start, a Google Wallet will give…

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