Google (GOOG) Teams with Citi (C), MasterCard (MA) to Sell More of Your Info
Tweet
Share
E-mail
Get Alerts GOOG Hot Sheet
Join SI Premium – FREE
Google, Inc. (Nasdaq: GOOG) is looking to team up with Citigroup (NYSE: C) and MasterCard (NYSE: MA) to embed technology in Android-enabled mobile devices, allowing customers to make payments at registers by waving their smartphones at checkout counters, according to a report in the Wall Street Journal citing people familiar with the matter.
The benefit to retailers is they will be able to gather more information and data from their customers, in order to tweak advertising and make more sales through marketing and targeted discounts. Google is not expected to take any portion of transaction fees.
As reported earlier in March, Verifone (NYSE" PAY) will provide the equipment for the venture by Google, Citi, and MasterCard. The system is currently being tested in New York and San Francisco.
The readers utilize "near field communication," which is in place at select retailers nationwide. Customers with a credit card using the technology have the option to wave the card in front of the reader in order to make payments. With Google's technology, customers will also be able to manage their account balances, and have up-to-date information regarding recent purchases.
Near field communication is also a safer technology than magnetic stripe cards, according to one analyst, making it tougher to steal information.
Last fall, Verizon (NYSE: VZ), AT&T (NYSE: T), and T-Mobile said that they were teaming up on a contact-less payment system, of which Discover Financial (NYSE: DFS) would process the transactions.
Google (Nasdaq: GOOG) is up slightly ahead of the bell today.
The benefit to retailers is they will be able to gather more information and data from their customers, in order to tweak advertising and make more sales through marketing and targeted discounts. Google is not expected to take any portion of transaction fees.
As reported earlier in March, Verifone (NYSE" PAY) will provide the equipment for the venture by Google, Citi, and MasterCard. The system is currently being tested in New York and San Francisco.
The readers utilize "near field communication," which is in place at select retailers nationwide. Customers with a credit card using the technology have the option to wave the card in front of the reader in order to make payments. With Google's technology, customers will also be able to manage their account balances, and have up-to-date information regarding recent purchases.
Near field communication is also a safer technology than magnetic stripe cards, according to one analyst, making it tougher to steal information.
Last fall, Verizon (NYSE: VZ), AT&T (NYSE: T), and T-Mobile said that they were teaming up on a contact-less payment system, of which Discover Financial (NYSE: DFS) would process the transactions.
Google (Nasdaq: GOOG) is up slightly ahead of the bell today.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- SB Energy files for IPO amid data center power demand growth
- Sonos launches OS 27 with AI control and two new products
- SB Energy (SBE) files for proposed IPO
Create E-mail Alert Related Categories
Corporate NewsRelated Entities
CitiSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
