Smart phone ‘one tap’ payment systems about to hit the market

Posted by AFN Staff Writers on 17th October 2012

Google is launching a credit card concept that will make payment by ‘one tap of the finger’ a reality. Grocery shopping with just your finger print and your smart phone may sound the way of the future, but is in fact just around two years away according to Google and other smart phone innovators, who plan to take on the big banks with the launch of the first Google credit card.

Google is reported to be launching the credit card initially in the US and UK, with potential to expand to Australia in a move by Google to enter the financial services industry shortly afterwards.

The ‘Google Wallet’ system already available in the United States, allows consumers to tap their smart phone at an NFC wireless terminal to make payment with the credit card affiliated with their Google account.

The news of potential Australian smart phone payments with Google follows other recent news of smart phone payment systems.  Starbucks’ ‘Square Wallet’ launch in the US was reported by Australian Food News  earlier this week. The coffee chain plans to roll out its Starbucks smart phone payment system at the start of November 2012.