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Google is expected to introduce on Thursday a mobile payment system that will let shoppers wave their phones to pay instead of pulling out a credit card, according to people briefed on the announcement. Google will offer mobile payments with MasterCard and Citibank, according to one of the people, as well as with cell phone carriers, hardware manufacturers and retailers.
Initially, the mobile wallets will be available only on Google's Nexus S phone and will use a Citibank-issued MasterCard credit card number and a virtual Google MasterCard prepaid card. Consumers will be able to make payments at any of the 124,000 merchants that have MasterCard's Pay Pass terminals, which accept contact-less payments, a person briefed on the deal said.
The news of the announcement was first reported by Bloomberg News. The three companies have also teamed up with a few retailers - Macy's, American Eagle Outfitters and Subway, a person familiar with the deal said. After these retailers upgrade their terminals - at first, only retailers in New York and San Francisco will participate - consumers will also be able to redeem discounts and participate in loyalty programmes. Representatives for Google, MasterCard, Citigroup and Sprint, a carrier for Google's Nexus phones, declined to comment.
Courtesy: DNA India
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