Not one to be outdone by its rivals, Google is reportedly working on a mobile payment service called Android Pay. A 'source close to the matter' told Ars Technica the firm will officially announce the service at its I/O developer conference later this year. It will create a way for companies to accept transactions through their apps without having to introduce their own individual payment services. A 'source close to the matter' said that Google's Android Pay will let companies add mobile payments option to apps. Users will then be able to upload credit card or debit card information, and it will let firms add tap-to-pay options in high-street stores. Android Pay is set to run alongside, and not replace, Google Wallet . Android Pay users will then be able to upload credit card or debit card information to a single secure location but use it to pay for items across apps. And customers will be able to use it to pay for in-app purchases, goods or services with a single tap. Elsewhere, the source said Google will also allow companies to use its Android Pay API to enable tap-to-pay options in physical stores using NFC readers, for example. Cards are linked to Google Wallet, and payments can be made for online purchases and in shops using a phone’s contactless NFC chip . Google Wallet is a free mobile payment and digital wallet that securely stores a user’s credit cards, debit cards, gift cards, loyalty cards and offers. Cards are linked to the  wallet, and payments can be made for online purchases and in shops using contactless NFC chips. Developers can currently use this API to add 'Buy with Google' buttons to apps, which Android Pay would effectively supersede if it works as expected. The source told Ars journalist Megan Geuss that Android Pay will run alongside, and not replace, Google's current Wallet service. Google Wallet is a free mobile payment and digital wallet that securely stores a user's credit cards, debit cards, gift cards, loyalty cards and offers. Cards are linked to the  wallet, and payments can be made for online purchases and in shops using contactless NFC chips. Developers can currently use this API to add 'Buy with Google' buttons to apps, which Android Pay would effectively supersede if it works as expected. Earlier this week Google said it was teaming up with the mobile phone payment firm Softcard to ramp up its efforts to counter Apple Pay. Google said its Wallet would become a pre-installed 'tap to pay' app on Android smartphones sold in the US  by AT&T, T-Mobile and Verizon. The aim is 'to help more Android users get the benefits of tap and pay,' said Google Payments vice president Ariel Bardin. 'We're also acquiring some exciting technology and intellectual property from Softcard to make Google Wallet better.' A statement from Softcard - which was founded by the three carriers last year in a push for mobile payments - added the deal with Google would 'bring together leading technologies to advance mobile wallets.' Bryan Yeager, analyst at the research firm eMarketer, said the deal 'will help get Google Wallet in front of more potential users, but the mobile payments space in the US will continue to be competitive and fragmented for at least the next few years.' Apple has already launched its Pay service (pictured with boss Tim Cook) in the US, and Samsung recently bought LoopPay. The Korean firm is rumoured to be using LoopPay's technology to develop its own payment service. A similar Google rival could be announced at its I/O Developers conference later this year . Mr Yeager noted that Samsung's announcement last week that it was buying digital wallet firm LoopPay 'shows that deal activity doesn't necessarily equate to market consolidation.' LoopPay technology is compatible with approximately 90 percent of retail terminals to let customers tap their phones for payment with registered credit cards, according to Samsung. LoopPay has been built into smartphone cases as well as into fobs, or dongles, and transmits credit card data using magnetic fields to point-of-sale terminals to effectuate transactions. Apple has already launched its Pay service in the US and Samsung recently bought LoopPay. The Korean firm is rumoured to be using LoopPay's technology to develop its own payment service.
A 'source close to the matter' revealed the plans to Ars Technica .
Android Pay will let companies to add mobile payments option to  apps .
Users will then be able to upload credit card or debit card information .
It will also let firms add tap-to-pay options in high-street stores .
Android Pay is set to run alongside, and not replace, Google Wallet .
Wallet is a free mobile payment and digital wallet that securely stores a user's credit cards, debit cards, gift cards, loyalty cards and offers .
Not one to be outdone by its rivals, Google is reportedly working on a mobile payment service called Android Pay. A 'source close to the matter' told Ars Technica the firm will officially announce the service at its I/O developer conference later this year. It will create a way for companies to accept transactions through their apps without having to introduce their own individual payment services. A 'source close to the matter' said that Google's Android Pay will let companies add mobile payments option to apps. Users will then be able to upload credit card or debit card information, and it will let firms add tap-to-pay options in high-street stores. Android Pay is set to run alongside, and not replace, Google Wallet . Android Pay users will then be able to upload credit card or debit card information to a single secure location but use it to pay for items across apps. And customers will be able to use it to pay for in-app purchases, goods or services with a single tap. Elsewhere, the source said Google will also allow companies to use its Android Pay API to enable tap-to-pay options in physical stores using NFC readers, for example. Cards are linked to Google Wallet, and payments can be made for online purchases and in shops using a phone’s contactless NFC chip . Google Wallet is a free mobile payment and digital wallet that securely stores a user’s credit cards, debit cards, gift cards, loyalty cards and offers. Cards are linked to the  wallet, and payments can be made for online purchases and in shops using contactless NFC chips. Developers can currently use this API to add 'Buy with Google' buttons to apps, which Android Pay would effectively supersede if it works as expected. The source told Ars journalist Megan Geuss that Android Pay will run alongside, and not replace, Google's current Wallet service. Google Wallet is a free mobile payment and digital wallet that securely stores a user's credit cards, debit cards, gift cards, loyalty cards and offers. Cards are linked to the  wallet, and payments can be made for online purchases and in shops using contactless NFC chips. Developers can currently use this API to add 'Buy with Google' buttons to apps, which Android Pay would effectively supersede if it works as expected. Earlier this week Google said it was teaming up with the mobile phone payment firm Softcard to ramp up its efforts to counter Apple Pay. Google said its Wallet would become a pre-installed 'tap to pay' app on Android smartphones sold in the US  by AT&T, T-Mobile and Verizon. The aim is 'to help more Android users get the benefits of tap and pay,' said Google Payments vice president Ariel Bardin. 'We're also acquiring some exciting technology and intellectual property from Softcard to make Google Wallet better.' A statement from Softcard - which was founded by the three carriers last year in a push for mobile payments - added the deal with Google would 'bring together leading technologies to advance mobile wallets.' Bryan Yeager, analyst at the research firm eMarketer, said the deal 'will help get Google Wallet in front of more potential users, but the mobile payments space in the US will continue to be competitive and fragmented for at least the next few years.' Apple has already launched its Pay service (pictured with boss Tim Cook) in the US, and Samsung recently bought LoopPay. The Korean firm is rumoured to be using LoopPay's technology to develop its own payment service. A similar Google rival could be announced at its I/O Developers conference later this year . Mr Yeager noted that Samsung's announcement last week that it was buying digital wallet firm LoopPay 'shows that deal activity doesn't necessarily equate to market consolidation.' LoopPay technology is compatible with approximately 90 percent of retail terminals to let customers tap their phones for payment with registered credit cards, according to Samsung. LoopPay has been built into smartphone cases as well as into fobs, or dongles, and transmits credit card data using magnetic fields to point-of-sale terminals to effectuate transactions. Apple has already launched its Pay service in the US and Samsung recently bought LoopPay. The Korean firm is rumoured to be using LoopPay's technology to develop its own payment service.
services. A 'source close to the matter' said mobile payments option to apps. Users will then be able to upload credit card or debit card information, and it will let firms add tap-to-pay options in high-street stores. Android Pay is set to run alongside, and not replace, Google Wallet Wallet is a free mobile payment and digital wallet that securely stores a user’s credit cards, debit cards, gift cards, loyalty cards and Android Pay will run alongside, and not replace, a free mobile payment and digital wallet that securely stores a user's credit cards, debit cards, gift cards, loyalty cards and offers.