Chip for financial transactions is going to be embedded to the next Google phone and it will feature the capability of e-wallet for the purchases in the real world.

The news was announced by Eric Schmidt, Google CEO at the Web 2.0 summit on Monday in San Francisco. He pulled out of the pocket the touch screen smartphone saying that tap-and-pay feature will become a usual thing soon. Cell phones are going to be used by people as credit cards. 

The feature was shown on Gingerbread, the Android phone that will be released soon. The customers will be able to tap the phone to perform transaction with its help. The cell will be instead of credit cars, according to the statement of Eric Schmidt. Installed into the phone NFC chip is going to be more secure and it is interesting from this viewpoint.

The loss rate will demonstrate better results. Moreover, the cells will store shopping likes of the customer and this knowledge will contribute to better search for other outlets to answer the demands of the user. Schmidt hid the markings of the phone manufacturer during the announcement.

There are rumors that iPhones of the next generation will have NFS chips too, but as Gingerbread is coming out, Google evidently will be the first this time.