A further £2.5m is expected to be raised from crowdfunding on Tuesday.
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Yet more Google technology is infiltrating the payments industry.
The new feature appears closer to being fully functional than previous rumours had suggested.
A Juniper Research report is predicting a 32% increase in mWallet payments in the next 12 months.
Google has changed its hands free payments approach after ditching voice recognition payments tech earlier this week.
PayPal is currently marginally second in alternative payments adoption rate, and Android Pay is set to be the biggest mover in the market.
The payments tech company has secured $44m in its latest Series B round of funding.
The Swedish unicorn is acquiring the profitable payments company for £60m.
The tech giant has struggled to scale its voice recognition payments app, and will now close the project on Feb 8.
The payment processor blamed the strong U.S Dollar for missing its target revenue of $2.79bn for three month period.