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Google’s Android Pay Will Compete Against Apple Pay

5/29/15 3:43 PM EDT
Google’s (GOOG) introduction of Android Pay is another sign of the growth in mobile payments, according to an executive at MasterCard (MA). Android Pay will compete against Apple’s (AAPL) service, known as Apple Pay. ‘We think it enables a lot of choice, it expands the reach of payments that are out there, so we think it’s going to drive a lot of growth,’ said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard. McLaughlin said it’s hard to quantify the growth rate of mobile payments at this stage. ‘We’ve seen a couple things that are important though. MasterCard contact-less transactions, when you do that tap in the store, that we’ve done for a long time. It’s rock solid technology and what we’ve seen is when people tap two or three times, they don’t go back to their prior behavior. And that’s how you know it’s better, that’s how you know it’s faster.’ McLaughlin says in terms of those transactions, the U.S. is just catching up to the rest of world.
Stocks in this video: GOOGAAPLMA
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