Google is teaming up with MasterCard, Citigroup, and Sprint to launch a new phone based mobile payment system, CNNMoney reported. The project is called Google Wallet and will work by enabling special chips embedded into future Android devices to be used for payments. Rather than swiping a credit card, customers will be able to wave their Android phone in front of a reader to make a payment.
As of now, this system is only available to Citibank customers with the Sprint Nexus S phone. However, Google is continuing the development of Google Wallet so that all Android devices will be able to use the new payment system.
What do you think about using your phone for payments?
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