Eric Schmidt: New Android Phones “Could Replace Credit Cards”

Posted Nov 16, 2010

Earlier this week at the Web 2.0 Summit in San Francisco Eric Schmidt showed a new Android prototype that is running the 2.3 version of the mobile operating system with near-field communications chips.

These chips can transmit signals short distances and can change the way that consumers pay for goods in stores. People could use their phones instead of credit cards according to Schmidt. Many hardware and software manufacturing companies are supporting this new technology.

During the conference, Schmidt held up an unidentifiable phone that is believed to be the Nexus S. He also said that the Gingerbread version of the OS is arriving in the next few weeks. Check out the video interview below: