Google with MasterCard and Citigroup is working on a system of NFC payments

Since the release of the Nexus S and its NFC payment functionality, there have been many rumors on the Web that Google is about to enter the mobile electronic payment market. Currently, these rumors seem to be justified - Google is working in a team with MasterCard and Citigroup, trying to work in the prepared system of NFC-payments. According to the Wall Street Journal, so far this system works with only one phone model that has already entered the market, but in the future we plan to significantly expand the range of compatible devices.

So, the system will work together with debit cards and Citigroup credit system (yes, so far all this is for the USA). In addition, the corporation has already managed to issue a patent for its payment system, which, it seems, in the near future will become something more significant than the current project. It is planned that Google will become something like an independent broker who receives information about orders processed by users through NFC, process such orders, provide delivery options and other options, and provide the total amount of the order to the client.
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In addition, Google will collect payments, information on delivery options selected by the user, and send all this data to the seller to complete the transaction. Thus, sellers get another convenient way to distribute their goods and services, with a centralized payment system. In general, it is quite a real competition Paypal, and, apparently, more convenient for the buyer and seller system.

So far this is preliminary information, of course, only the official participant of the project can tell more or less details about all this. But for now, they, the participants, remain silent.

Via engadget