Google introduces mobile payment service Android Pay

Google introduced Android Pay mobile payment service at I/O conference. According to Google, Android Pay is simple and secure way to pay with your Android phone. Users can use Android pay for in retail stores and to make online purchase. It uses NFC and Host Card emulation to complete a transaction. 

In order to pay for an item in retail stores you can unlock your phone and place it near a merchant's contactless terminal and users will receive payment confirmation and get transaction details on their phone. In select retail stores, special offers and loyalty program will be automatically applied at checkout.

For example, when you tap to buy a Coke at a vending machine, your MyCokeRewards will be automatically applied. With Android Pay the contactless terminal not only receives your payment info, but also your loyalty programs and offers.

For online purchases like buying apps from Play store or online shopping, users will have to select "Buy with Android Pay" and Google will take care of the rest during checkout.

Android Pay also lets users to pay with credit or debit card across multiple Android devices and at thousand of stores. Google has partnered with leading payment networks and financial institutions in the U.S - American Express, Master Card, Visa, Bank of America, Discover and more. Android pay will also come pre-loaded on new devices for AT&T, Verizon and T-Mobile. It will also soon be accepted in over 700,000 store locations across U.S and in over 1000 Android apps.

Android Pay will be compatible with devices running Android 4.4 KitKat and above that has NFC support. Google did not reveal the timeline of Android Pay's rollout, but said it will be available to download on Google Play soon.

Source : Android Blog