Google unveils mobile payments today

Google Inc takes the wraps off a mobile payment system today that lets
consumers pay at checkout with phones instead of cards, a source said,
hoping to beat Visa and others to the punch. The internet search and
advertising leader will work with MasterCard Inc, the world's
second-largest credit and debit card processing network, to launch the
system, the source familiar with the matter told Reuters on Tuesday.
Google has teamed with MasterCard and Citigroup Inc to develop the
system, the Wall Street Journal reported in March. It has now signed
up retail partners Macy's Inc, American Eagle Outfitters Inc and
Subway, though it is unclear if the project will be launched
nationwide or just in New York initially, the Journal cited sources as
saying Tuesday. Google invited reporters to attend a 'partner event'
on Thursday in New York to demonstrate what it called its 'latest
innovations.' It plans to unveil a mobile payments system that will
run on the Android operating system and be available on phones from
Sprint Nextel Corp, Bloomberg reported on Tuesday. A source familiar
with the matter confirmed Google would launch the program. Citigroup
did not respond to requests for comment. Google, Sprint and MasterCard
declined comment. About a decade after they were dreamed up by
engineers and marketers, mobile wallets are still far from commonplace
in the United States, stymied by industry infighting, consumer tastes
and regulatory hurdles. Shoppers abroad, especially in Asia, can
already wave cellphones at the check-out counter to pay for everything
from groceries to gasoline.
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