MasterCard and Citigroup will be deploying NFC payment applications into Google's Nexus S phone, with other handsets to follow, as part of the chocolate factory's bid to turn phones into wallets. The news comes from the Wall Street Journal, which cites the ever-present "people familiar with the matter" as telling the paper that …
Cool Green Enterprise with Red Hot Credentials
The trick you are missing/have not yet mentioned, is Google and financial base partners transferring credit to accounts which provide them with hot insider knowledge on a regular and expanding bases, by virtue of the account holders being the Driver.
Having first call on information which is to be released to the web browser interface, or an indication of where to go to find it before it is generally and widely known, allows for a certain pecuniary advantage if it is valuable information/SMARTer Intelligence which can be also used by may others in their lines of works/free enterprise.
Being a Global Hub which can distribute NEWS which is new, is certainly much easier at making money than having to search the globe and analyse coded metadatabase for the tales which are going to rock markets.
An interesting novel market development which can just keep on giving and giving for any astute vehicle into global market leading and virtual cutting edge reality reporting, methinks, which could have been trailed here also, if there had been a customer comment provision ..... http://www.theregister.co.uk/2011/03/28/job_ad/
And a whole three days there for one to get one's act together too. Magic, and generous to a fault
That's then TWO problems
Given that Google is already in hot water with regulators I reckon there will be some uphill battling (well, OK, hardcore sponsoring) required to avoid legal shutdown for whatever reason.
I can see two: privacy concerns and monopoly laws. Google has gotten too big, so expect complaints soon.
And no, I would not want Google near my money, thanks, not to mention the idiotic use of NFC as payment method. Did you know you can actually read those chips from about 30 meter with the right equipment?
But hey, this is probably the same crew that though RFIDs in passports were cool too (readable from about 70 meters). I guess they have finished laughing over their biometric passport joke by now.
Google could be consulting card companies just to get them on side and to get 1 single payment system, rather than 2 or 3 different ones, especially since apple will probably make a new one up and expect everyone to adopt it.
And then there's market uptake
The best defence against becoming fully automated milking cows for all them in thar industry is still mass failure of uptake. We have the tools, too. Now for the will....
Cash is looking ever more attractive
I've had problems with Mastercrud before, and Goggle is well known as the playground gossip.
This is not a wedding I'd want paid for out of my finances!