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Back when I was reviewing the Nexus S, I commented that the NFC technology inside the Nexus S was basically useless for me at this point in time, but that may change soon. According to Bloomberg Businessweek, Google is at work developing a payment and advertisement system to increase the functionality of smartphone NFC technology.

NFC is a form of wireless communication which allows transmission of data up to about a 3-4" distance. Back at D: Dive Into Mobile, Google CEO Eric Schmidt extolled the advantages of NFC technology and how it could possibly replace credit cards, as well as bring new possibilties in wireless user to user communication.

Bloomberg writes that two individuals familiar with the matter informed them that Google's payment and advertising system may make a debut this year at the checkout of various businesses. They also note that NFC chips inside phones like the Nexus S could hold "a consumer's financial account information, gift cards, store loyalty cards, and coupon subscriptions," based on what their sources say.

Google is not the only company persuing the future of NFC technology. Verizon Wireless, AT&T, and T-Mobile USA have already formed a joint venture focused on mobile payment transactions based on NFC technology called Isis. Visa, PayPal, and eBay are also pursuing NFC as a mobile payment system.

Image from Engadget

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