Google Said to Plan Mobile-Payment Service: Near field near you
Bloomberg is reporting that Google will be showing its mobile payment system in the next couple days. Google has been one of the biggest proponents of near field communications which, in theory, could bypass not only the credit card swipe but -- to the consternation of lots of financial institutions -- the credit card companies themselves. While near field stories tend to talk about the consumer choices and benefits, the real story is a technology and business services story. The credit card companies want to keep their business but have been napping, the phone companies want to be the arbiter of financial transactions and PayPal, et al want to drive their new banking models further into the consumer biz. Expect lots of back room dealing around this, but in the interim enjoy the show.