Mobile Payment Service by Google

According to an article by Business Week, Google is considering creating a mobile payment service that would allow a tap-and-go type experience for the cell phone. The B.W. report is unconfirmed and the two sources remain anonymous.

The technology is based on near-field communication technology (NFC), which is a short-range high frequency wireless  exchange of data.

Currently, there is a race for NFC technology, which is may account for about 30% of the projected $1.13 trillion market for world-wide, mobile payments by 2014. Among the competitors in NFC technology are Verizon, AT&T and Ebay.

Source: BW, January 4, 201