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March 15, 2011

Google To Test Mobile Payments

Google is preparing to test mobile payments in New York and San Francisco, Bloomberg reports.

These mobile payments would use NFC technology, which means, in theory at least, you could just wave your phone at the cash register to pay for stuff.( NFC Means Near Field Communication which means , basically a variation of other short-range wireless technologies already used throughout the world—especially in Japan and Europe. Like RFID, near field communication can quickly swap information between devices when they're touched together. You can exchange things like text, images, URLs or other data simply by holding your phone up to various "smart tags."

Using your phone as a wallet has been commonplace in places like Japan for around ten years now, but we're still awaiting it in most Western countries. The biggest drawbacks are that retail point of sale systems need to integrate NFC technology, and that the credit card cartel fears it might be displaced

According to Mobile Payment Magazine ,early three-quarters (74%) of online retailers either already have or are developing a mobile strategy, according to the National Retail Federation’s digital division, and trendlines for mobile commerce are off the charts this year.
Mobile Warming: Hot Trends in M-Commerce” is an informative infographic about mobile shopping trends and statistics, produced by

The company provides inventory availability information from local stores in real-time to find the best prices and availability for products in the shopper’s local area.

Here’s just a sampling of some of the statistics:

  • 37% of smartphone users have made a non-mobile purchase on their mobile handset within the last 6 months
  • Top 10 mobile apps include: (1) 1-800-flowers (2) (3) Apple App Store (4) Barnes and Noble
  • PayPal’s worldwide mobile transactions have skyrocketed from $25 million in 2008 to $500 million in 2010