WSJ reports that Google is set to launch a NFC enabled, wave and pay mobile payment system for Android powered devices. Google is collaborating with Mastercard, Citigroup and Verifone to make it easy for their consumers to pay at point of sale from their mobile devices.

Android device owners who bank with CitiGroup key in their info into a special Android app (in the process of being developed, according to WSJ) and would be able to just wave at the NFC reader at a check-out counter (or elsewhere) and pay for the transaction in a contactless fashion. The app could also manage credit-card accounts and track spending for the users, says WSJ

VeriFone is signed up to develop and distribute these NFC readers to retailers through the country.

The mobile payment system would let Google to offer retailers more data about their customers and hence enable them to target ads and offer discounts to such consumers. Google is expected to make money out of these targeted ads and might not take a cut in the contactless payment transaction, reports WSJ.

According to reports, Apple is working on a similar NFC enabled contactless payment system for iOS devices, according to Mashable.

Mobile phones as wallets is all set to become a reality soon!

Content Via: WSJ + Mashable

Image Credit: http://www.android.com