In late May Google announced its long-expected foray into smartphone e-commerce with the launch of Google Wallet, a contactless payment system that will let consumers pay for goods and services with a wave of their Android-powered phone. Using a special near-field communication (NFC) chip inside the handset, Google Wallet combines cashless payments with discount coupon, special offer and loyalty point schemes at retailers equipped with NFC terminals such as the MasterCard PayPass.
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