MasterCard, Google boost cashless transactions
United States-based payment company, MasterCard Incorporated, has signed an agreement with Google to expand cashless transactions for its cardholders.
The agreement led to the introduction of Android Pay, a product which will enable MasterCard credit, debit, prepaid and small business cardholders to use their android phones for everyday purchases in-store and within Android apps.
According to a statement by MasterCard, the development provides its cardholders with more options for paying on the go using their mobile device
It added that the ubiquity of mobile phones was changing the way consumers pay.
The statement said that starting this summer, owners of eligible Android devices would be able to use their MasterCard credit, debit, prepaid and small business cards directly through Android Pay.
The Chief Emerging Payments Officer, MasterCard, Ed McLaughlin, was quoted as saying, “Mobile payments are here today, and are now an essential part of the core value proposition for new devices.”
He said, “With the MasterCard Digital Enablement Service and Android Pay, we can now use secure tokens to easily enable payments from a consumer’s connected device.