March 28, 2011
Google is partnering with credit processing heavyweights such as MasterCard and Citigoup, Inc to create a mobile payment system for Android powered devices according to the Wall Street Journal.
The new payment system would use NFC for transactions and surprisingly, Google won’t take a cut of the money being sent. Instead the search engine giant will be tapping customer information, data that has been largely neglected by most mobile payment processors. What Google intends to do with customer and mobile payment data remains unknown but it could be integrated into its shopping services to give buyers a more accurate reading of how popular a product is based on number of purchases.