It looks like Google may be working on their own NFC (Near Field Communication) payment system, according to Business Week, and the system would let users of mobile phones purchase everyday items without the need for cash or a credit card.
Google recently launched the follow-up to the Nexus One smartphone, the Nexus S, which features NFC built-in, so it would make sense that the search giant is looking to launch their own NFC payment system.
Google recently purchased a company called Zetawire, which holds a number of patents, including one for a ‘Secured Electronic Transaction System,’ which combines a payment system, an advertising system, and an identity management system in one.
The Potential of NFC Technology
NFC technology has been gaining traction over the past few years, and its potential applications are vast. NFC allows for secure, short-range communication between compatible devices. This technology can be used for a variety of purposes, including contactless payments, data exchange, and even access control. For instance, NFC can enable users to unlock doors, start cars, or share files simply by tapping their devices together.
The integration of NFC into smartphones like the Nexus S opens up numerous possibilities for both consumers and businesses. For consumers, it means the convenience of making payments without carrying physical wallets. For businesses, it offers a new avenue for customer engagement and data collection. Retailers can use NFC to offer personalized promotions and loyalty programs, enhancing the shopping experience.
Google’s Strategic Moves
Google’s acquisition of Zetawire is a strategic move that highlights the company’s commitment to expanding its footprint in the mobile payment space. Zetawire’s patents, particularly the ‘Secured Electronic Transaction System,’ provide Google with a robust foundation to build a comprehensive NFC payment solution. This system’s integration of payment, advertising, and identity management could offer a seamless and secure user experience.
Moreover, Google’s extensive ecosystem, which includes Android, Google Wallet, and Google Pay, positions the company well to leverage NFC technology. By integrating NFC capabilities into its existing services, Google can create a unified platform that simplifies transactions and enhances security. For example, Google Pay already allows users to store their credit and debit card information, making it easy to make payments with a simple tap of their phone.
Another aspect to consider is Google’s ability to drive adoption among retailers. With its vast resources and influence, Google can incentivize businesses to adopt NFC technology by offering benefits such as reduced transaction fees or enhanced marketing opportunities. This could accelerate the widespread adoption of NFC payments, making it a standard feature in retail environments.
It will be interesting to see what Google has planned and whether they can make their own NFC payment system popular amongst retailers and smartphone users. The success of such a system will depend on several factors, including ease of use, security, and the level of support from both consumers and businesses.
In conclusion, Google’s foray into the NFC payment space is a significant development that could reshape the way we make transactions. By leveraging its technological expertise and extensive ecosystem, Google has the potential to create a seamless and secure payment solution that benefits both consumers and businesses. As NFC technology continues to evolve, it will be fascinating to see how Google and other tech giants innovate and drive adoption in this space.
via Into Mobile
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