Google Based Mobile Payout Service , will it replace Credit cards ?
There is news coming along that Google is making foray into cashless payout services. This will be based on Near Field communication technology (NFC).
NFC is a short range wireless technology that allows you transmit data to near objects. Thus, in this case Google user will able to flap there Android based phone against Techno cash register at the checkout counter and would result in payment process completed.
It is assumed that NFC transaction will account for more than 1/3 of $1.2 trillion global mobile transaction projected till 2014.
Google's Eric Schmidt comments "You'll be able to walk in a store and do commerce; you’d bump for everything and eventually replace credit cards"
Let us keep a watch on this new venture from Google in 2011.
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