A new report says that Google has plans to reveal a new payments API, Android Pay, as part of their 2015 I/O developer conference in late May. This rumor comes after the company announced it was acquiring some technology from another payment system, Softcard.
The report says that Android Pay is being designed for third-party apps to use for their in-app or in-store features, but at the moment there are no partners signed up to use the API: Ars Technica reports:
Android Pay will allow companies to add a mobile payments option to their app, to which users can upload credit card or debit card information, so that payments become single-tap transactions within the app. In addition, a company adopting the Android Pay API will be able to allow tap-to-pay transactions in brick-and-mortar stores. This function will rely on Google's Host Card Emulation (HCE), which makes it easier for third-party apps to take advantage of Android phones' Near Field Communications (NFC) chips.
The report adds that Google Wallet users will be able to link their account to any third-party app that decides to support the new Android Pay API. There are apparently no plans to ditch Google Wallet at this point, although that could certainly change.
Source: Ars Technica