Google has hinted that its new payment system might accept bitcoin payments.On Thursday, Google and Square announced that they a new payment system is being set up.They revealed that the new system might be able to accept payments in bitcoin.
It is expected that this move by Google will heat things up in the payments Industry. It is assumed that is will be a competitor for Apple Pay.Google is testing this new payment processing method at present. They have decided to call the system Plaso. Square is still working on the hardware terminals.The Square terminals are being made in the shape of a tablet and they will run on Android system.
Square currently has a hardware called the Square Reader, which can be connected to an iPad. The Square Reader can be used to scan credit cards.Square promised in 2014 that it would add support for end-to-end encryption. The Square Reader can be used with both iOS and Android.This recent move by Google could prove to be a boon to other Android device manufacturers.
However, the company will have to learn from the mistakes it made with its Google Wallet.Google Wallet failed to gain any serious traction till today. It is possible that Plaso will become the best alternative for Wallet. There are concerns about use of wireless technology which Plaso will have overcome carefully.According to reports, Plaso might use Bluetooth for its wireless communication.
This is unlike Apple Pay’s choice to use NFC. Both Bluetooth and NFC have their advantages and disadvantages.NFC is considered more secure than Bluetooth but it has a limited range. The maximum range of NFC is 4cm. This means that hackers would have to be close to cause any harm.Privacy is a disadvantage of NFC.
When shoppers use their mobile phone to pay in a shop, the purchase information is stored. This information can be datamined by companies to send products based on individuals’ shopping patterns.Merchants might also sell this information to other firms who use it to send junk mail. Bluetooth allows better privacy as requires the same numeric code for 2 devices to connect.However, for Bitcoin users find that both the systems can be used to complement each other. This is a factor Google’s Plaso will need to consider after the new product is completed.
NFC technology could be used to access data, which the user signs for on the device. After the customer authorizes it by signing, the transaction can then be sent to the POS terminal via the use of Bluetooth. This way an efficient system can be set up.Google has not released any more information about Plaso.
It would be great if Google realizes that bitcoin’s time has come.It would also be good for Google if the company attempted to develop a product which can be used for the wider global crypto currency industry.It would be a feat that would catapult Google to the head of the international payments industry.
