NFC – a new mobile payment system from Google?

This near field communication (NFC) based payment system is set to allow users buy everyday items by only using their mobile phone.

This payment system would be widespread on Android phones equipped with NFC (Near Field Communication). The service could be launched as early as 2011, according to people familiar with the matter.

If Google is interested in this market, it’s because it could generate up to $ 1 130 billion in 2014. In addition, Google could become a favourite for users of Android phones, which would have to register.

Howevr, the technology is not new as it has already been tested in several countries, including Japan. In the U.S., Google has a lot to do, since Business Week notes that Verizon, AT & T and T-Mobile have already founded a joint venture to develop a similar service before 2012. Visa is also developing a similar system and plans to market its solution by mid-2011.

Source: Bloomberg