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.
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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
