In Google's vision detailed Thursday, shoppers will touch their phone screen to select a card, then tap the phone to a credit-card reader in a store or restaurant. Google would make money by selling coupons and advertising that come along with the experience.
It's a goal shared by others. The Internet search and advertising company faces tough competition from cellphone companies, payment card issuer Visa Inc., eBay Inc.'s PayPal payment service and others. All of them want to play the central role of tying together phones, retailers and banks into a new payment system.
This isn't Google's first attempt at electronic payments. The company, based in Mountain View, Calif., introduced an online payment service called "Checkout" five years ago. It hasn't posed a serious threat to PayPal.
I think this is a very good idea! less things to carry around, all you need is your phone! but if you lose your phone there goes your credit cards...