The Web 2.0 Summit held in San Francisco revealed much, at least from Google’s side. Google CEO, Eric E. Schmidt told that he wants the next generation of Android phones to replace credit cards. In a few weeks time, the brand new Android OS tagged, Gingerbread, would bring in this amazing feature making things happen as you tap. Schmidt stepped on stage to demonstrate the new feature on an un-named device, believed to be the next version of Nexus phone. Even though the name tag was covered with a tape, many tech specialist believe that the Google CEO would obviously be delivering an example on the Google’s Android Phone.
Schmidt highlighted mobile payments and tagged it as the next generation technology. He looked forward to phones being intelligent enough to identify a store as the user makes an entrance. Users would be provided freedom to process payments via their smartphones as the technology reduces the risk of fraud. Phones might be connected to the person’s credit card number in order to process payments.
Eric Schmidt told:
This could replace your credit card. The reason this N.F.C. chip is so interesting is because the credit card industry thinks the loss rate is going to be much better, they’re just more secure. Imagine I’m walking down the street and instead of typing my search, my phone is giving me information all the time; it knows your store preferences. It is likely to drive a very, very large mobile e-commerce business.
Google has finally planned to throw itself into e-commerce. With recent improvements made to product search which display images, prices and stores nearby as you search for products. Google is entering the competitive space as it beefs up operations bringing a clear competition to eBay and Amazon.