Google brings up mobile payment service
Search Company Google is considering building a payment and advertising service based on near field communication (NFC) technology. This would enable users to make payments using their Android cell phones. Now customers can pay for their purchases by tapping or waving their mobile phones at a cash register.
Near Field Communication (NFC) is a data transmission system over short distances of a few metres. Two devices with NFC chips that are in close physical proximity of 4 inches can receive and send data to one another such as bank account information, purchase receipts etc.
Speaking about NFC at a technology conference in November, Google Chief Executive Eric Schmidt said, "You'll be able to walk in a store and do commerce. You'd bump for everything and eventually replace credit cards."
Recently, Google also released a new version of its operating system Android, called Gingerbread, which has some NFC features such as the ability to read RFID tags.
Google ties up with enormous companies that want in on the NFC market, which may account for a third of the $1.13 trillion in global mobile-payment transactions projected for 2014, according to IE Market Research.