New Android Phone to replace credit cards

Eric Schmidt, Google CEO showcased the new Android power phone which contains a processor to allow people to make payments via their handsets.

Schmidt opened this years Web 2.0 summit in San Francisco and he showed the new phone which had the manufacturer's label covered up. Everyone has assumed this will be the next Nexus device, following the Nexus One, and it will contain a Near Field Communication Chip which will allow people to use their phones like credit cards.

Gingerbread, the latest version of Android is due to be released in a few weeks and it will power this handheld device, allowing people to make CC payments.

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