Apple Pay might soon need to share its pie of consumers who use the feature to conveniently make payments for their financial transactions as Google would soon be developing a new system besides its already established Google Wallet.
Google would soon be launching its Android Pay while maintaining the already established Google Wallet. Android Pay would enable customers to encode their credit or debit card information on their smartphones in order to make payments that were just "one tap away." Meanwhile in an earlier report, it was speculated that the new payment system might even tap the use of crypto-currencies to make payments for services, considering the rise on the price of these currencies, one for instance would be Bitcoin.
Nonetheless, what's confirmed would be that Google would rely on its Host Card Emulation (HCE), which would make third party apps take advantage of Android phones' Near Field Communications (NFC) chips with ease. The project would be entirely under the shoulders of Google and would even be used to support Google Wallet after its launch.
With Google Wallet, however, customers were given "virtual cards" the moment they have encoded their card credentials; this process would cost Google some amount of money. However, the rewards Google would reap were incomparable. With the information entered on Google's database, they would be able to deliver more accurate advertisements to their clients who have been using the service.
Now with Android Pay, everything would be free for Google since its customers would be using their phones as their "cards" through the "one tap system," which would pretty much work like that of Apple Pay.
For its part, Apple would soon be reaping the rewards of building the system for their iPhone 6 and iPhone 6 Plus. It would only be a matter of time before people, and that would be 90 percent of the card holders in North America alone, realized the benefits of using their smartphones as an easy system to complete financial transactions.
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