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Google enters mobile money fray

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It’s believed the Google will launch a new virtual wallet payment solution for Android-based phones today.

The new system would let users make purchases, redeem coupons and earn loyalty points – using their phones, which would integrate with stores’ point of sale systems.
The service would initially be available only on certain phones, and would be limited to the Sprint network in the US.
The move follows Google’s signing of an agreement with Mastercard and Citigroup.
The technology that would allow the integration with POS system is near field communications (NFC), which will be available in the next version of Google’s Android operating system, Gingerbread.