Near field communication technology is nothing new. In fact, some credit cards already have the technology built in to them. What is new, at least for those outside of Japan, is using NFC for payments with your mobile device.
Google has already rolled out NFC in its latest branded handset, the Nexus S, but it is also looking to make NFC more prolific on the Android platform. To that end, the Wall Street Journal is reporting that Google has teamed up with MasterCard and Citigroup to start rolling out the technology. WSJ states:
Google Inc. is teaming up with MasterCard Inc. and Citigroup Inc. to embed technology in Android mobile devices that would allow consumers to make purchases by waving their smartphones in front of a small reader at the checkout counter, according to people familiar with the matter.
It shouldn't come as s surprise that Google wants to be a leader in this technology as it would also boost their advertising platform. Currently, there is no major player in this market as of yet, but Apple is also rumored to be pursuing NFC.
While Google and Apple have not announced anything official as of yet, it is widely expected that the technology will be arriving sooner rather than later. The technology already exists, but it will be up to the corporations to make it a reality, as having an NFC device is only useful if retail shops support payments via NFC.