Today we were part of the launch announcement of Google Wallet. This is exciting news for First Data and the industry. It means the mobile commerce future that we have been planning and innovating toward is a big step closer to becoming a part of our everyday lives. It also signifies that First Data has a strong and central role in the future of mobile commerce.
So what's First Data's role in Google Wallet? Well, First Data is providing many key components of the solution.
- We're providing technology called the First Data Trusted Service Management solution, which enables provisioning and management of virtual cards in Google Wallet.
- First Data is leading the charge to have small merchants accept Google Wallet.
Here's a really high level summary of how Google Wallet works: People who already have a Citi MasterCard can simply add it to Google Wallet over the air using First Data technology after verifying their account information. Google Wallet uses near field communication (NFC) to make payments in a secure and convenient manner by simply tapping the phone on any PayPass-enabled terminal at checkout.
So today we're in New York and a number of other cities signing up merchants and demonstrating the value and powerful capabilities of Google Wallet. We've signed more than 1,000 new merchants in New York alone to accept Google Wallet. I think that's a good sign that this is something merchants, consumers and financial institutions have wanted and are excited to use and accept.
At launch, Google Wallet will be compatible with the Nexus S 4G by Google, available on Sprint. Over time, we plan on expanding support to more phones.
Today’s announcement and First Data's role in it is proof of our ability to innovate and continually shape our industry. We're excited to be working with Google, Citi and MasterCard in this initiative—it's one that we believe will change the payments industry in ways it has not seen in decades.