Google Inc (GOOGL) Testing Payment App

Google Inc (NASDAQ:GOOGL) has been reportedly working on a new Android-based payments service, dubbed “Plaso.” According to Business Insider India, the search engine company is testing its service at Papa Johns and Panera Bread.

Plaso uses an app on Google-issued Android phones, which alerts retailers at the point-of-sale when someone visits the store with the device. Users, currently restricted to Google employees, have to give their initials to the cashier to make a payment. Their initials will then show up on the app for verification by retailers. The Android app meant for this purpose is likely to be integrated with Google Wallet.

Google Inc (NASDAQ:GOOGL)’s payment service uses a voice password, which experts believe to be a key barrier in competing with the likes of Apple Pay’s successful payment gateway system.

Apple Inc. (NASDAQ:AAPL) shocked the tech rivals, like Google and Square, when it revealed its Apple Pay service in October 2014. The iPhone-maker entered brick-and-mortar retail, enabling the users of its latest devices, iPhone 6 and iPhone 6 Plus, to pay for goods in stores. The company also went on to sign deals with leading credit and debit card merchants, like Mastercard Inc (NYSE:MA), Visa Inc (NYSE:V) and American Express Company (NYSE:AXP). In addition, it also convinced more than 500 banks and dozens of major retailers to enable iPhone users to pay using Apple Pay.

More recently, Apple CEO Tim Cook mentioned that nearly 80% of mobile transactions at Panera are made using Apple Pay.

While Google Inc (NASDAQ:GOOGL) has some catching up to do, Square is also preparing to increase its market share in this emerging marketplace. Square has been reportedly working toward its own Android-based tablet to replace the iPads used by Square registers in many small and independent businesses. The company’s mobile card readers have already been used by many businesses since 2010.

Lisa Ray

Lisa Ray primarily covers Retail and Healthcare. Lisa Ray has completed her MBA (Finance) and an avid market tracker. She is a stock market analyst who closely tracks US markets along with other global markets like India. She has been expressing her views for years about markets and also advises various clients.

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