Google to work with Mastercard and Citigroup to use your phone as a credit card

by Andrew Greenfield
tagged Android, credit card, NFC, payment, security

According to the folks over at themunchonline, Google is teaming up with Mastercard and Citigroup so Android users could use their phone as their payment system. There are already apps like keyring in the Market that allow users to scan their phone’s screen for rewards cards, but utilizing the new NFC chips in Android devices users wouldn’t even need to do that. It would be as simple as moving your phone in front of the scanner and it automatically charging you (think Visa paywave).

This is still is in the development phase, but it looks promising. The only concern would be of security. This could obviously create the motive to steal your phone; how would Android counter this? It could be as simple as a password needed to use the NFC chip, but no one knows. When you think about it though, if someone stole your phone and used it to purchase something how would that be any different than someone stealing your wallet to get your credit card to purchase something? Just something to ponder. How do you guys feel about this? Excited? Scared? Do you think this could cause a security nightmare? Let us know in the comments below.

[via themunchonline]

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Categorized as Android News

Comments

ari-free

If someone robbed you of your phone you’d handle just like if someone stole your wallet. You call your CC company.
http://twitter.com/mikeGsays GarciaM25

Yep, forward progression is ALWAYS a good thing – anyone who thinks this is “evil” needs to put down their Ovaltine and turn off the phonograph and get with the future
n2dablue

Sounds like a great idea! I always have my phone with me. Wallet? Might be in the car, lol. Seriously, if they come up with a way to secure it, why not? I’d use it.
Revtim

I’m curious what the UI will look like. Will it require some code for each purchase, like a PIN, or will it just be an OK button?
Dutch

Contactless payments so far,in the uk atleast, are limited to 3 transaction per day no more than £15 each.I’d be more concerned about my £500 phone they are running away with. The convenience is worth the security risk which in many instances you are more than likely to get refunds for disputed payments of this nature. Contactless payments are mainly aimed at coffee shop/newsagent coffee and newspaper transaction at rush hour.i was hoping this would happen soon ever since my debit card was picked up on tags. No real need for added security as there isn’t any on existing debit cards it would defeat the point same as oyster.