Mobile payments are a main point of focus for various Fintech startups these days, as it provides consumers with a way to complete transactions without much hassle. However, some companies are looking well beyond the scope of traditional mobile payments. Google, for example, wants to create an ecosystem for hands-free payments through mobile devices. But that doesn’t mean this is a feasible technology Fintech companies should pursue.
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Hands-Free Mobile Payments In Fintech
The Fintech industry is well known for bringing innovation and new solutions to the table, all for making payments more appealing and accessible to consumers all over the world. Mobile device adoption is on the rise in nearly every country, and it only makes sense for startups and entrepreneurs to focus their attention on this ecosystem.
That being said, there is a lot of competition in the mobile payments space as well. Not only are there the numerous Fintech companies working on their solutions, but major players such as Samsung, Apple, and Google, are trying to make a name for themselves in the mobile payments industry.
Speaking of which, Google has recently announced how they want to release a new mobile payment application which will let users transfer money hands-free. Up until this point, the concept of hands-free technology has only been used to let people make phone calls or send text messages while driving on in any other situation that requires the use of hands for other purposes.
Merging this concept with mobile payments is a very bold move by Google, as this new app would bring direct competition to Android Pay, which was launched recently. Android Pay is facing stiff competition from Apple Pay and Samsung Pay, plus all of the mobile solutions being developed by Fintech companies around the world.
Users of the new Google app will be able to confirm payments via voice. Payments will be executed through the Bluetooth LE protocol, which should detect when the mobile device is close to an eligible store checkout. Activating this payment option requires the “I’ll pay with Google” voice command, which will prompt the cashier to check initials and verify identity through a photo linked to the profile.
While this new hands-free mobile payments project is currently being beta tested, there seems to be interest from various companies to explore the boundaries of this technology. Among those companies showing interest in hands-free mobile payments are McDonald’s and Papa John’s.
Source: Talking Payments
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