MOUNTAIN VIEW, Calif.—Google has unveiled its long-awaited Android Pay, and announced that Navy FCU will be among the very first institutions to offer the new digital wallet solution.
Similar to Apple Pay, Android Pay will work on phones running the Android operating system and allow consumers to upload credit, debit and prepaid cards to use in making payments at any Android Pay-enabled terminal. Like Apple Pay, the solution also uses near-field communications to connect the terminal and the phone. It is backwards compatible to the KitKat version of Android, released in 2013. It will also work within apps.
Android Pay is similar to Google Wallet, which the company rolled out in 2011, but it never gained much traction.
Android Pay will allow merchants to credit a user’s loyalty program when they make a payment; analysts have said Apple Pay will add the loyalty functionality later this year. The company said that at the time it debuts approximately 700,000 store locations will accept Android Pay.
Google is reportedly working with AT&T, Verizon and T-Mobile to have Android Pay ready to use in all new Android phones.
While no official launch date has been announced, Navy Federal Credit Union said it will be one of the first FIs and the only credit union to offer Android Pay when it becomes available.
Currently, there are approximately 3.6 million Navy Federal members with debit cards that generate roughly 70 million transactions per month. Among those are Active Duty military members and their families who are heavy users of applications and mobile banking, the credit union said.
Navy Federal debit cardholders can use Android Pay when it becomes available, and credit card holders will have the solution available later this year.