Google: Android Phones Could Replace Credit Cards
Eric Schmidt gives peek at new capabilities
By Nick McMaster, Newser Staff
Posted Nov 16, 2010 12:00 PM CST
Updated Nov 16, 2010 3:00 PM CST
Google CEO Eric Schmidt speaks at the Web 2.0 Summit in San Francisco, Monday, Nov. 15, 2010.   (AP Photo/Paul Sakuma)

(Newser) – An upcoming Android upgrade could make credit cards obsolete by allowing for safe and simple payments via smartphone, says Google CEO Eric Schmidt. Speaking at the Web 2.0 conference in California, he said a soon-to-be-released phone (it looked to be the next Nexus) would sport a new NFC—Near Field Communications—chip. These enable so-called "tap and go" payments, which have so far been plagued by reliability issues, the Telegraph reports.

The new 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,” Schmidt said. “This could replace your credit card.” The new device will also be the flagship phone for Gingerbread, the latest version of Google's Android mobile operating system. Schmidt stressed that Google would not be getting into the credit card business; deals would have to be made between card companies and retailers to enable NFC payments.

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Showing 3 of 11 comments
Travis Mitchell
Nov 19, 2010 3:55 PM CST
Big Deal. Japan's been doing this for years. "More than 51 million phones equipped with this technology, known as Osaifu Keitai (literally "wallet phone"), have been sold in Japan to date." And that's from an article dated March 4, 2009 (source: http://news.ninemsn.com.au/technology/763586/wallet-phones-transforming-tokyo-commerce)
matteo
Nov 17, 2010 3:59 AM CST
bottom line ..you don't need extensive knowledge to hack basic systems ..if you want to make it easier for people to steal your personal bank info they have created what you were looking for !!
MDD
Nov 17, 2010 3:17 AM CST
Android OS? No thank you, just as bad as Windows...