5/25/2011 2:19:00 PM
Google to launch mobile payments service
Google will launch its new mobile payments tomorrow (26 May) in a bid to steal a march on its potential rivals, according to reports.
The internet giant’s joint venture with MasterCard and CitiGroup, which will involve Near Field Communication (NFC) teachnology, will allow Android smartphone users to turn their handsets into digital wallets by using a ‘wave and pay’ system.
According to Bloomberg, Google plans to provide details of the new technology at a ‘Partner event’ in New York on 26 May where the company will demonstrate its ‘latest innovations’.
The reports come just months after Google CEO Eric Schmidt claimed that an NFC chip ‘could replace your credit card’ when the firm announced the NFC-enabled Nexus S smartphone in November 2010.
He said: ‘The reason this NFC chip is so interesting is because the credit card industry thinks the loss rate is going to be much better, they’re just more secure.’