Citigroup is partnering with Google and
MasterCard to embed Near Field Communication (NFC) technology into
current and future models of Android smartphones.
The NFC-integrated service will be
available for cardholders of Citi’s debit and credit cards range
and can be activated via an app that allows payments on Android
phones.
Go deeper with GlobalData
The NFC-based service is expected to be
released by the end of the year.
Turkey-based Akbank, in which Citi has a
20% stake, rolled out NFC-supported payment options in
2010.
Payments innovation is taking off in
Turkey faster than in CEE and Europe, with three of the big five
private banks – Akbank, Garanti and Yapı Kredi – already offering
NFC payments.
As banks worldwide start
to recover from the economic downturn, IT spending is forecast
to grow by 3.7% to $363.8bn, according to the latest report by
Celent.
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By GlobalData
