Google is the latest company to confirm its plans to launch a 'mobile wallet'.
It's been demonstrating the Google Wallet application today and says this'll be launched to consumers in the summer on the Nexus S 4G in the USA. The app has been developed in partnership with Citi, MasterCard, First Data and Sprint.
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Bank of America, JPMorgan Chase and Wells Fargo have announced a new partnership called clearXchange.
It enables customers to send money from a current account to someone else simply by entering their mobile phone number or email address. There’s no need to set up a separate account or to provide a sort code.
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Mark Bridge writes:
Don't get me wrong. I'm excited about the idea of mobile payments. But I think the Quick Tap launch and all this talk of a 'mobile wallet' is a little overhyped. And here are the three main reasons why.
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Iain Graham, James Rosewell and Mark Bridge talk about the problems facing the introduction of mobile payment services - and Yossi Yarkoni of DigiMo introduces a new m-payment platform that requires no additional hardware at the Point of Sale.
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O2 has announced the financial services companies it'll be working with when it launches a 'mobile wallet' service later this year. It first confirmed its plans in February.
The mobile wallet will be launched under the O2 Money brand and will include m-commerce, airtime top ups, contactless NFC payments and peer-to-peer money transfers.
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