What's New in the World of Mobile Wallets?

June 13, 2016

Update: On February 20, 2018, Google replaced Android Pay and Google Wallet with a single payment service, Google Pay. Learn more about Google Pay here!

In recent payment news, Google announced during its 2016 I/O developer conference that it’s expanding the availability of Android Pay — its payment app — to the United Kingdom.

The U.K. is the first country outside the United States where Android Pay is accepted. Contactless payments are popular in the U.K., where consumers spent about $1.9 billion in February, according to the U.K. Cards Association. But Canadians love contactless too.

Twenty-five per cent of the transactions Moneris processes are contactless and the amount spent via contactless has more than doubled year over year. While Google has not announced an Android Pay launch date for Canada, the Montreal Gazette reported that the service may arrive this year . 

Like other payment apps, Android Pay allows people to make contactless payments using their Android phone.  Users add their credit or debit cards to the app, which allows them to pay by tapping their phone near a contactless or NFC-enabled payment terminal. More than 85 percent of Moneris merchants have terminals that can accept contactless payments and two-thirds of those merchants are processing contactless transactions. 

Other Android Pay developments

  • Any developer can enable Android Pay as a payment solution within apps. Customers can purchase items inside an app without having to enter all their payment info.  Beyond payments, users can also add loyalty, gift cards and offers to Android Pay. With a feature called SmartTap, users can collect and/or redeem loyalty point and coupons and checkout with a single tap.
  • Google also gave a preview of PaymentRequest, a new proposed standard that is being worked on in collaboration with the World Wide Web Consortium that will support Android Pay, and other similar payment options, as a payment option for mobile web checkout flows.

Bank of America is rolling out contactless ATMs across the U.S. Bank of America customers will be able to withdraw money using their phones. 

Previous Article
Summer, Sun and Spending: Why Currency Conversion Matters Now
Summer, Sun and Spending: Why Currency Conversion Matters Now

Whether your customers are spending in Japanese yen or the Swedish kronor, these 5 benefits of Dynamic Curr...

Next Article
When It Comes To Payments, Are You Hitting The Mark?
When It Comes To Payments, Are You Hitting The Mark?

More than half of Canadian say they prefer contactless transactions with a debit or credit card.