In a recent appearance, Google’s chairman revealed that the Tap and Pay service will be available in nearly one third of the stores and restaurants within a year’s time.
Eric Schmidt, Google's chairman of the board, believes that users will be able to make payments in a large number of stores and restaurants with the Tap and Pay service available in their mobile phones within the next year, reports tech website PC World (opens in new tab).
While attending the the Cannes Lions advertising festival in France, Schmidt told the Financial Times (opens in new tab) that the technology required to make use of the mobile wallet system is nearly ready and is expected to go mainstream very soon.
“How long does it take an infrastructure player to upgrade a significant percentage of their infrastructure- it’s on the order of a year, it’s not a week, not a month but also not five years. It’s an educated guess,” said Schmidt.
According to Schmidt, the upcoming technology is the future of mobile-based payments as well as the advertisement industry with an estimated worth of a trillion dollar per year. Since the upgrade to NFC involves multiple mobile vendors, it is impossible for him to announce a specific time for the launch before any deals are made.