Google's NFC service to debut this year?

Google's latest phone - the Nexus S - came with a build-in NFC support, but unfortunately, the feature only works one-way right now (as a reader). It seems, however, that Google is hard at work to unleash the full capabilities of that NFC chip inside the Nexus S, bringing contactless mobile payments to your phone. At least, that's what two unnamed sources, said to be familiar with the matter, claim, reports BusinessWeek.

According to these guys, Google may launch its NFC service in 2011. Reportedly, the NFC (Near Field Communication) industry "may account for a third of the $1.13 trillion in global mobile-payment transactions projected for 2014", so it's hardly surprising that some massive corporations like Verizon, AT&T and T-Mobile (these rivals joined forces to form Isis), Apple, Visa, Google and others are all planning to take part in this business. In the words of Jaymee Johnson, a spokesman for Isis:

"It's a land grab and folks are sort of jockeying for position."

There is no doubt that contactless payment is part of our future (for more information on this topic, check out our article) and it's forecasted that 220.1 million NFC phones will be shipped in the world in 2014, so, it's only logical to ask: are smartphones the end of credit cards?

source: Business Week