Schmidt: Mobile payments could be ‘trillion dollar’ industry

23 Jun 2011

Google’s executive chairman Eric Schmidt believes mobile payments could be a “trillion dollar” industry for advertising and retail.

According to The Financial Times, Schmidt said a third of check-out terminals will be upgraded to allow for NFC mobile payments within the next year, laying the groundwork for this industry.

However, he said it was impossible to make a firm forecast of the timescale. While the software is available now, the change will depend on how fast retailers will upgrade their infrastructure.

Google will release an NFC mobile payment platform in 2012 called Google Wallet. Schmidt said Google was working with retailers to help enable them for mobile payments.

He also said that if the next iPhone has NFC capabilities, Google will make Google Wallet available for it. He also pointed out that many Android phones will have NFC technology in the next year, including LG and Sony Ericsson.

Photo: Google’s executive chairman Eric Schmidt