Tuesday, November 16, 2010

Schmidt: Android Phones Will Be Credit Cards - NYTimes.com

Grab your Google Goggles and head to the mall…

Near-field communication could be used in many ways, and Mr. Schmidt highlighted mobile payments. Phones will know when someone walks into a store and can provide relevant information, he said. The technology reduces the risk of fraud, he said, because the person and their phone must be present at the point of payment, and could be connected to a person’s credit card number.

“This could replace your credit card,” he said. “The reason this N.F.C. 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.”

Search on mobile phones will also be part of Google’s venture into commerce, he said.

Schmidt: Android Phones Will Be Credit Cards - NYTimes.com

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