Google Chief Executive Officer Eric Schmidt said U.S. consumers will be able to use Google's next smartphones as a replacement for credit cards. Schmidt announced the new Nexus phone in San Francisco at the Web 2.0 Summit, Red Orbit reported Tuesday.
At a conference, Schmidt pulled a cellphone from a pocket and said, "I have here an unannounced product that I carry around with me. You will be able to take these mobile devices that will be able to do commerce. Essentially, bump for everything and eventually replace credit cards," he said.
Schmidt called the process "tap-and-pay," referring to use of a touch screen on the phone that requires tapping to make transactions.
"I don't think people understand how powerful these things are. This is a really good day for mobile," he said.