Google, Square Working on New Payment System
David Curry | | Feb 14, 2015 09:16 PM EST |
Google is looking to partner with well-known payments service provider Square for a new mobile service to compete with Apple Pay.
The partnership comes after the failure of Google's own 'Wallet' service, which failed to gain in two years the same recognition Apple gained in under two months.
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Google isn't all to blame for the failure of Wallet. U.S. carriers blocked the service from mobiles, instead pushing their own SoftCard service.
The new service will allow Google users to input credentials, i.e. the first letter for the first name and first letter from the last name, to verify identity to the cashier.
This could be quicker than the typical fingerprint on Touch ID or NFC reader. But there are limited details as to how this works outside of Square's own cash reader available in Starbucks and McDonalds.
Google obviously sees the need to have a competitive payments service against Apple Pay, and it's quite surprising Google is failing to provide a better solution, they tend to be better when it comes to services than Apple.
The thing about Apple Pay is it integrates with the NFC chip on the iOS device, Touch ID on the iOS device and the payment data on the iOS device, meaning Apple has full control over the transaction unlike Google.
In a time where security and overseeing the full transaction is important, Google might need to set its foot down against AT&T, Verizon and T-Mobile currently blocking Wallet in the U.S.
TagsSquare, online payments, mobile pay
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