major typhoons like Google, Apple and Nokia are developing phones that can act as a credit card. According to Google, mobile ecommerce is expected to grow by leaps and bounds, quadrupling in size up to $630 billion. This latest innovation that may boost those numbers significantly.
David Sarno from the L.A. Times says that this application, soon to be available on Android smartphones, will have near-field communication, or NFC — the radio technology that allows phones to talk to credit card terminals wirelessly. Using built-in microchips, the phones can conduct digital conversations with credit card reading devices on par with those found in store checkout lines.