MasterCard has announced that it is powering Google’s latest mobile payments offering, Android Pay. Mastercard is of the 13 financial services that Google says will provide security tokenization for the Android Pay service.
Android Pay users will be able to make in-app purchases as merchants will be able to integrate payments directly into their app and also cardholders will be able to make contactless payments at retail outlets with their Android devices.
“With the MasterCard Digital Enablement Service (MDES) and Android Pay, we can now use secure tokens to easily enable payments from a consumer’s connected device. Today’s news extends consumer choice and drives further ubiquity of payments on device,” says Ed McLaughlin, chief emerging payments officer, MasterCard.
The contactless payment option which shares similarities with Apple’s Apple Pay will be available in the coming months to users in the US. It also features a fingerprint authorization option that will be available on the Android M.
According to an earlier TechCrunch report, the Google Wallet which served some functions similar to the Android Pay has been reimagined in this wake, and will now function fundamentally as a peer-to-peer app for remittances.