Google may unveil its near-field-communications
(NFC) mobile-payment system in New York as soon as tomorrow, Bloomberg reports.
March, Google was expected
to begin testing its
mobile-payment system, which allows select Android users to ring up purchases
with a tap of their smartphone, within four months time.
timeframe could be cut in half if three unnamed sources for Bloomberg have their information correct. The
people familiar with the matter said Google would be unveiling the service May
26, in partnership with Sprint. The Nexus S, for one, would be compatible with
addition to paying for goods with a tap of a mobile device, NFC, which relies
on a short-range wireless signal, would also allow customers to redeem coupons
directly from their devices as they check out at the register.
Systems Inc. and ViVOtech Inc. have been tapped by Google to provide software and
hardware for the service, according to two Bloomberg sources.
Google was expected to begin rolling out the new technology in five cities
— New York, San Francisco, Los Angeles, Chicago, and Washington, D.C. —
invitations for a press event tomorrow in New York have been reported, fueling
from Google and Sprint declined comment.
Google is not the only player in the NFC field. It will face stiff competition
from the likes of Apple, as
well as ISIS, a joint partnership between the other three major U.S.
quote: Banks also create money by lending money to consumers and eachother. When you lend $1000 from a bank, that $1000 comes out of nothing. Nowehere. They just type it into a computer.
quote: Really? I was under the impression that the Federal Reserve was run by a board of Presidentially approved governors and was subject to congressional oversight.
quote: This statement doesn't make sense. Banks finance loans with the money they hold in checking, savings and investments. If your statement were true the banking system would collapse entirely.