Google Nexus S : Next Credit Card Enabled Smartphone: Not much had been revealed about the Google Nexus One phone until announced yesterday by CEO Eric Schmidt, where he revealed that the phone will function as a mobile payment solution.

      Schmidt revealed a device, ambiguous enough not to reveal the manufacturer or any such specifics. But it did reveal that the device was running on the latest mobile operating system, Android 2.3, and that it will work as a mobile payment solution.

      The phone will feature a Near Field Communication (NFC) chip, which in future could take the place of credit cards for point-of-sale transaction payments. Schmidt explained the feature saying, "This could replace your credit card." This could be the future of handheld devices. Future phones running on Android 2.3, containing the NFC chip can provide a similar solution.

      The credit card so far being the most popular mode of payment in retail shopping in the continental U.S., the mobile payment technology would change the whole dynamics, and revolutionize the retail payment. So far, only Google has come up with such a technology, which will soon be picked by other service providers.

      The only remaining step for Google would be to lure customers away from their current habit of using credit-card. The easiest way to do that would surely be to charge a lower service amount.

      In his presentation yesterday, Schmidt also confirmed that Android 2.3 will be launched into the market in the "next few weeks," providing the first real timeline for the new operating system. Rumors had suggested the launch of the device few weeks ago, however it’s believed that the release was delayed due to some internal issues.

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