Google and Mastercard working on pay by phone

Technology giant Google has teamed up with MasterCard Inc and Citigroup Inc for the development of Near Field Communication (NFC) system on smartphones.

Media reported that the NFC technology will allow customers to use their smartphone for mobile payment.

Using the NFC embedded smartphones, users can make purchases by waving their smartphones in front of a small reader at the checkout counter.

Various mobile-transactions analysts opinionated that the NFC is more secure than the current credit cards with a magnetic stripe.

The NFC code will be more secure which makes it difficult for the hackers to crack the code. The service is expected to be released by mid 2011.

Source: One India News