In the Works: A Google Mobile Payment Service?
“You’ll be able to walk in a store and do commerce,” says Google’s Eric Schmidt. “You’d bump for everything and eventually replace credit cards”
Looks like Google is trying to break into the retail convenience market by developing a way to use your phone the same way you can use the RFID chips in certain credit/debit cards. A bump & pay system built into your cell phones which as the article states hopes to “replace credit cards.â€
“Google (GOOG) is considering building a payment and advertising service that would let users buy milk and bread by tapping or waving their mobile phones against a register at checkout, two people familiar with the plans say. The service may make its debut this year, say the two, who requested anonymity because the plans haven’t been announced. It is based on near-field communication technology, which can beam and receive information wirelessly from 4 inches away.â€
If I were a betting man I’d say keep an eye out for news on this as it relates to secure payment transaction. I’d also venture to guess early releases of this will be broken fairly quickly and used as a new attack surface.
