Your Android Phone will Replace your Wallet

Visa are developing an application for the Google Android mobile platform that will enable mobile users to pay for goods and services using their phone as well as receive information about activity on their bank accounts.

Visa is not only working with Google Android though. Plans are in place for Nokia’s new 6212 phone to have payment processing capabilities next year. The technology will allow mobile devices to be used like credit cards, effectively placing your wallet into your phone.

By working with Google on the Android platform Visa will be able to use existing location based technology that Google already have to determine where a mobile user is located and then direct them to retailers where they can use Visa and take up any Visa offers they might have.

This is lucrative for Visa because they will be able to target users with various offers based on previous purchases. Visa is looking to the long term. With over 3 billion mobile devices being used around the world at the moment and this number only set to increase, the payment processing giant is looking to make sure they are not only part of, but lead this technology shift that is already happening.

This is also good news for Google and Android as it is another selling point for the platform in such a competitive market. Android needs to keep up with Nokia, they already have a significant mobile market share and plenty of mobile infrastructure and expertise to hit the ground running with any new developments they introduce. Google does not yet have that yet in the mobile market and market share might be slow to build. The news that Visa is developing this application can only enhance Google Android’s standing.