Google unveils phone that can be swiped as a credit card

Daily Mail

Google unveiled an app today that allows users to pay for goods with their mobile phones.

In future customers will be able to pay just by waving their phone's screens across a terminal reader thanks to Google Wallet, the smartphone application.

Unveiled in New York the app, which will launch this summer, signals the start of what Google calls the age of mobile and local, know simply as 'MoLo'.

The project is designed in conjunction with MasterCard and Citibank, and so far the likes of Macy's, American Eagle Outfitters, Subway, Walgreens and a host of other brands have signed up to the scheme.

Using Near Field Communication technology, the app will allow users to purchase goods. The payments will then be sent to the merchants who may choose to provide shopping incentives for the consumer.

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Energy, food costs push up US consumer spending

Groceries Wikimedia Commons

AFP

WASHINGTON (AFP) - US consumer spending rose in February, outpacing income growth, as Americans faced higher costs for energy and food, official data showed Monday.

Consumer spending rose 0.7 percent from January, more than double the 0.3 percent increase in January, the Commerce Department reported.

It was the strongest increase since October and topped forecasts for a 0.5 percent rise.

"The problem isn't that consumers aren't spending, they are," RDQ Economics analysts told clients. "But spending gains are being soaked up in higher prices for food and energy."