Google to Launch Mobile Payments Platform

Search giant Google is expected to reveal details about their new mobile payments platform, called Near Field Communication (NFC).

The new technology is embedded in newer smartphones powered by Google's Android software and according to people familiar with the platform, it can turn the devices into a kind of electronic wallet. Using it, customers will be able to make store purchases, redeem coupons, and get loyalty points by waving smartphones in front of a small reader at the checkout counter.

The NFC will start first in New York and San Francisco and the retailers, which will participate include American Eagle Outfitters Inc., Macy's Inc., and the Subway fast-food chain. These will have upgraded terminals at the point of sale that can read the mobile devices and provide special offers.

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