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Carriers, Google Form Mobile Payment Super Consortium
To Hash Out Lingering Issues With Smartphone Payment Systems
by Karl Bode 04:24PM Friday Aug 10 2012
Companies from Google to Verizon have all been rushing head first toward the billions that could be made from letting you use your smartphone as a debit card, but so far the coordination between these companies has resembled the wild west. That may change slightly with the creation of a new mobile payment consortium that will include all of the major carriers, and companies like Google and Paypal. There's still plenty of concern to be found surrounding letting companies like AT&T and Google get their hands all up in your financial data, but perhaps a super union of all parties involved will help improve the privacy and security problems critics say plague such systems. The Mobile Payments Committee will be chaired by Jackie Moran, Verizon’s executive director of federal relations.

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Gozo

join:2012-07-25

1 recommendation

Google is becoming too gigantic

I'm very leery about a single company that has access to all sorts of data primarily email, search and phone data now handling bank/money transactions.

I'll stick with cash and if I'm in a jam I'll just use my atm/debit card.
pkorx8

join:2003-06-19
San Francisco, CA

rest of the world

If someone more familiar with these payment system can chime in, but I've seen such systems used in Hong Kong several years ago. I'm assuming other countries in the asia and europe already has this in place.
So why are there so much technical challenges to deploy it here?

mackey
Premium
join:2007-08-20
kudos:14

Re: rest of the world

said by pkorx8:

So why are there so much technical challenges to deploy it here?

Because our phones are locked down (and subsidized) by the carriers and they have no incentive to allow this as they don't get a cut of each transaction. If it costs $0.10 more to make the phones that's $0.10 more per phone they have to eat, and when it breaks they are the ones who have to pay for the support staff to troubleshoot it (as it's part of the phone).

/M
25139889

join:2011-10-25
Toledo, OH

Re: rest of the world

you forgot to add that over half of the networks here in the USA also are CDMA. Unlike other countries that generally us GSM- GB where they can use the unlocked phones and don't have to worry about one huge ass data-base. Plug in a new SIM and off you go.

88615298
Premium
join:2004-07-28
West Tenness

Re: rest of the world

said by 25139889:

you forgot to add that over half of the networks here in the USA also are CDMA. Unlike other countries that generally us GSM- GB where they can use the unlocked phones and don't have to worry about one huge ass data-base. Plug in a new SIM and off you go.

Once the mobile companies commit 100% to LTE that won't be an issue.
JoeSchmoe007
Premium
join:2003-01-19
Brooklyn, NY

Can someone with knowledge about it explain how it works?

Does it take credit card companies out of the loop completely? And whatever you "charged" to your phone will appear on your phone bill?

bobjohnson
Premium
join:2007-02-03
Orlando, FL
Reviews:
·AT&T U-Verse
·T-Mobile US

Re: Can someone with knowledge about it explain how it works?

You attach a debit card or prepay google wallet and pay with the nfc on the back of your phone. Then it comes out of your bank acct. or wallet balance. Like a mobil speedpass if you are familiar with that. No bill to carrier option.
edit: I used it for about 6 months on my Nexus 4g and really liked it. It also got alot of attention when people notice you paying w your phone.
25139889

join:2011-10-25
Toledo, OH

Would never

Would never trust Google with anything related to my bank account information. They lost my company's email services and personal services when they decided to have an issue and wanted me to pay out the ass for support and wait a week.

Steve
I know your IP address
Consultant
join:2001-03-10
Foothill Ranch, CA
kudos:5

First item on the meeting agenda...

"How do we make sure that the consumer or the merchant bears all the risk, and we don't bear any?"

AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1

is it

NFC based?