Google Shocks Wallet System

From @AmerBanker: 

A fresh update to Google’s mobile wallet allows users to make payments from any credit or debit card, a move that fundamentally changes the company’s approach to working with issuing banks.

Until today, Google required banks to partner with it before presenting their cards as an option to consumers within its mobile wallet. At Google Wallet’s launch last year, only Citigroup had entered into this type of arrangement, and today Citi remains the only bank partner Google has announced.

The new setup allows consumers to link any Visa, MasterCard, American Express or Discover card to a virtual MasterCard account issued by The Bancorp Bank. To an end user, it would appear that the cards are directly available on the phone, without having to pass through a separate account.


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