Google plans to make a phone which can be used as a credit card

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Google is working on an Android Gingerbread smart phone which will act as a credit card using near field communications.

The devise would allow users to make purchases by waving their phones in front of a reader at checkouts.

Google CEO, Eric Schmidt has been seen showing off a prototype at the annual Web 2.0 conference in the US.

The smart phone will be the next version of Android.

Schmidt refused to reveal who the phone was made by and what is was called but there are many speculations that it is the Samsung Nexus S, which would be a follow up to the original HTC Nexus One.

The technology seems as though it will be similar to that of the Barclaycard’s Contactless payment cards.

Android Gingerbread will also include payment processing software permitting the payments to be managed.

With the technology being more secured than standard credit cards, but Schmidt does not expect the technology to fully replace credit cards for many more years.

Although Schmidt has not given much away, he did reveal that the phone would be released in “the next few weeks”.

Sources say Google plans to collaborate with Citigroup and MasterCard which would allow users of Android phones with NFC built-in, such as the Nexus S, to pay for purchases with their device, what would essentially turn it into some kind of electronic wallet.

Apparently Google are not looking for a slice of the profits from transactions, instead they want to get relevant data to better target ads and measure their success, which would result in being able to charge more for them.

Along with the potential for discount offers to be targeted to specific groups considered more likely to be interested in them based on their shopping history.

However apart of me is worried about the having a credit card on your phone as it could be an easy way to steal someone’s details.

But I guess we will all just have to wait and see what happens.

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