The end of credit cards thanks to Android?

Google’s CEO Eric Schmidt, announced at the Web 2.0 Summit support for near-field communications chips in the next version of Android.

Near-field communication (NFC) allows fast short-range wireless transmissions that is more secure than current magnetic stripe technology on current credit cards. This “tap and pay” technology combined with a higher level of authentication and identification, makes it very attractive to credit card companies for reducing fraud and Google is testing the field by providing support to NFC chips on its Gingerbread OS.

Eric Schmidt demonstrated the technology while on stage of the Web 2.0 Summit at San Francisco. He used a camouflaged phone which is speculated to be the next Nexus, Nexus S by Samsung. Schmidt would not give any details about the phone, but hinted that a Nexus One successor could be in the works.

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