Photo: Dan Frommer, Business Insider
Google is preparing to test mobile payments in New York and San Francisco, Bloomberg reports.These mobile payments would use NFC technology, which means, in theory at least, you could just wave your phone at the cash register to pay for stuff.
Using your phone as a wallet has been commonplace in places like Japan for around 10 years now, but we’re still awaiting it in most Western countries. The biggest drawbacks are that retail point of sale systems need to integrate NFC technology, and that the credit card cartel fears it might be displaced.
If we can use our phones as wallets it would be a huge boon to consumers in terms of convenience, and probably also help retailers because it would make payments even more frictionless. It’s also potentially a huge moneymaker for whoever makes it happen, the prime candidates right now being Apple and Google.
With Apple reportedly pushing NFC back, there’s a nice window for Google to come along with something great that only Android has.