Android Pay will allow customers to make secure
and accurate payments from their handheld, across millions of U.S. merchant locations, where MasterCard contactless payments are accepted.
Owners of Android phones will have to wait only a few days before they can use Android Pay. The present users of Google Wallet will have to update their previously installed Wallet app in order to use Android Pay. However, new users will get an automatic download option for Android Pay at Google Play. Android Pay will also be pre-installed on near field communication NFC-enabled smartphones from AT&T, T-Mobile and Verizon.
Android Pay is widely known for its user-friendly trait. Customers wishing to use it will have to hold it near the payment terminal (without opening the app) at any location that accepts contactless payments, and their transactions will be carried out. Android Pay will not use a credit or a debit card number, but will use tokenization which will enhance the security of the transaction.
MasterCard is hopeful of benefiting from this service because of the widespread use of mobile phone for daily transactions. Other major payment networks, namely American Express Company (AXP - Analyst Report), Discover Financial Services (DFS - Analyst Report) and Visa Inc. (V - Analyst Report) are already providing the Android Pay service.
A day earlier, MasterCard launched Digital Enablement Express (Express) service, to fasten the process the digitization and tokenization. Express will enable speedy and secure digital payment options to millions of MasterCard’s consumers.
Currently, MasterCard carries a Zacks Rank #3 (Hold).
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