Google working with credit card companies to enable payments with your phone

Google working with credit card companies to enable payments with your phone

Posted on March 28th, 2011 by admin

 

Utilizing NFC, Near Field Communications, Google’s Android phones equipped with this technology will allow shoppers to simply swipe their phone at the checkout, just like a credit card transaction.

The market for mobile payments is expected to grow significantly in the next several years, reaching $618 billion by 2016, according to a report by consulting firm Edgar, Dunn & Co. and sponsored by MasterCard.

This could revolutionize how we make transactions and will have a dramatic impact on the credit card companies who make huge profits on payment fees.

Se the full story at “The Wall Street Journal”

http://online.wsj.com/article/SB10001424052748703576204576226722412152678.html