'Android Pay': everything you need to know about Google's latest mobile payment solution

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While Apple might have been busy presenting to the world their latest gadgets last week, Google is set to come after competitors through its newly revamped mobile payment app, the Android Pay.

USA Today reports that Google officially announced the availability of Android Pay for all "Kit Kat" or later Android software users. This will be rolled out next week on Google Play store. The company states it will have a similar paying feature as the Google Wallet and Apple Pay, wherein credit card information can be stored in the app, to be used in NFC-ready terminals for payment.

However, Android Pay doesn't have Apple's fingerprint scanner to secure or authorize payments, unless the Android smartphone used has that feature. To verify or authenticate purchases, the user can provide a 4-digit PIN code, just like when withdrawing money from an ATM.

The Wall Street Journal adds that besides the accessibility, availability and compatibility features of Android Pay, Google stated that they will be incorporating loyalty cards, special offers and discounts in selected stores. This will be helpful for all Americans, as according to a nationwide survey, over 30 percent adults in the United States love to use in-store coupons when offered on their mobiles and smartphones. Furthermore, the company will also offer in-app payments when purchasing music, games, apps and other things on the Google Play store.

In terms of security breach, Google assures users that the industry is supported by "tokenization", a standard wherein credit or debit card information are not sent together with the payment to prevent other people to access or steal private information. When making a purchase with Android Pay, a personal "token" will be used to complete the purchase. Also, a text confirmation will be sent immediately to the user as soon as a transaction is made.

What more, according to Droid Life, Google requires users to secure a lock screen setup before you can use the app. Users should take this requirement seriously as Google released a statement that an Android Pay account will be wiped out if a user tries to sign-in but has not bothered to setup a secure lock screen.

Due to Android Pay's similarity to Google Wallet, many critics are wondering what will happen to the company's initial step to tapping the mobile payments market, New York Business Journal writes. Although it didn't do well among Android users, Google shares they are keeping Google Wallet and will only rebrand it as a sort-of cash-swap app, just like PayPal. It will remain available to both Android and Apple mobile.