Google Finds This Friend For Wallet
Discover Financial Services (NYSE:DFS) is adding a special button on its website that will help its credit-card customers access the Google (NASDAQ:GOOG) Wallet service easily. Discover’s account website will let customers click a button to have their credit cards automatically loaded into Google’s new pay-by-phone service.
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Google Wallet allows users to make purchases by tapping their phones against special payment terminals instead of having to swipe a card. It can be used on any Android smartphone that is near field communication-capable.
“Our cardholders regularly use their Discover card to make purchases and payments online, in store and now more frequently through their mobile devices,” Sanjay Gosalia, director of mobile for Discover, said in a statement, according to The Wall Street Journal.
Discover is one of several competitors, including Visa (NYSE:V), MasterCard (NYSE:MA), and American Express (NYSE:AXP), to test new services that turn mobile devices into credit-card replacements. According to Gartner, the value of global mobile-payment transactions is expected to reach $617 billion by 2016, up from $105.9 billion in 2011.
Earlier this month, Google had announced an update to Google Wallet that lets consumers add any credit and debit card to the software. When it initially launched the service last year, Google had only partnered with Citigroup (NYSE:C).
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