According to the latest reports, Google has partnered with the mobile payments company Softcard and three of the major US mobile carriers, namely T-Mobile USA, Verizon and AT&T. This joint venture will result in the pre-install of the famous Google Wallet on Android phones making it easier for the user to make their payments.
The trend is clear: The popularity of Apple Pay has really amazed people and companies are looking forward to different alternatives to cater to the needs of their target audience. The news to pre-install android mobile phones with Google wallet came after Samsung revealed its plans to get hold of the mobile wallet start up LoopPay.
Google announced this news in its blog post which reads “Google is set to buy technology and intellectual property from Softcard.”
Under the agreement that was signed between the parties, it was agreed upon that the Google Wallet app will come pre-installed on Android phones running on version 4.4 KitKat and above. These phones will be sold in the United States by the mobile carriers mentioned above.
An analyst at eMarketer, Bryan Yeager was quoted as saying, “This is an important step for Google Wallet, but it won’t be the only mobile wallet option Android users will have. Samsung’s recent acquisition of LoopPay and intention to release its own mobile payment system shows that this deal activity doesn’t necessarily equate to market consolidation.”
According to eMarketer, the US mobile proximity payments, the payments made by a mobile phone instead of credit card or cash equalled to $3.5 billion last year. According to the reports, 2014 saw 15.9 million US mobile proximity payment users while the eMarketer predicts that the figure is most likely to double by the year’s end.