Google will soon begin rolling out a mobile payment system in collaboration with Citigroup and MasterCard that will allow consumers to make contactless purchases using data loaded onto their smartphone, according to a report from the Wall Street Journal. The system will also allow shoppers to keep an eye on their credit card accounts using that data.
Further, the companies will also attempt to lure businesses into adopting the system by offering more specific data on customers who use their smartphone to make a purchase, the report said.
“A phone is a lot smarter than a card,” Doug Bergeron, VeriFone’s chief executive, told the newspaper. “It opens the door to a rich experience at the point of sale that retailers really covet.”
Many consumers may benefit from such a mobile payment system because it may remind them how often they are spending on a given shopping trip, and help them stay on budget.