Google to turn your mobile into a ‘tap and pay’ virtual wallet

Eric Schmidt holds up tap-and-pay mobile phone

A new Google mobile phone imbedded with a chip that makes it a virtual wallet so people can “tap and pay” is poised to make its debut, the internet giant’s chief said. The successor to the internet firm’s Nexus One smartphone runs on fresh “Gingerbread” software and is imbedded with a near-field communication chip for financial transactions, Google chief executive Eric Schmidt said…

…”You will be able to take these mobile devices that will be able to do commerce,” he continued. “Essentially, bump for everything and eventually replace credit cards. In the industry it is referred to as tap-and-pay.”

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