Google and MasterCard Team Up to Show Future of Mobile Payments

MasterCard has revealed that the Google Wallet mobile payment application is very close to commercial launch in the U.S. The application will let users make payments in stores by just tapping their mobile phone (equipped with a Near Field Communication- NFC chip) against MasterCard's PayPass terminals installed at the payment counters in those stores.

According to an IDGNS report, currently PayPass terminals have been installed in about 150,000 stores in the U.S. and the application can be expected to be launched "within weeks."
NFC technology for mobile payments has become very popular in Japan and widely used by people. In Europe, too, has introduced NFC technology mainly for people to pay parking charges. With mass-adoption likely in the U.S. with Google and MasterCard's participation, this technology should hit Indian shores very soon.
Currently in India, Airtel and Loop Mobile let you use your phone as virtual wallets and pay various bills online using your phone.