Visa Develops Payment Software for Google Phone

San Francisco-based company said Android users will be able to receive near real-time alerts about transactions via their mobile devices. Customers will also be able to use location-based mapping technology to find ATM machines and nearby stores.

The announcement came two days after T-Mobile unveiled its G1 phone, the first handset to feature Google's technology. The T-Mobile G1 is schedule to arrive in U.S. stores Oct. 22.

"By developing these mobile services for the Android platform, Visa has taken a major step toward achieving our goal of combining two of the world's most powerful and ubiquitous consumer innovations, electronic payments and mobile technology," said Elizabeth Buse, Global Head of Product at Visa. "U.S. consumers will, for the first time, be able to download Visa mobile service applications directly to their handsets."

The software will be available to U.S. consumers by the end of the year, starting with Chase Visa cardholders. Visa is also developing payment software to let consumers make mobile payments in stores.