Google teaming up with Citigroup and Mastercard to roll out NFC payment capabilities- involves syncing up the credit card companies apps. will give google access to consumers digital shopping cart information (something that PayPal doesnt get. Google will play a similar role to what PayPal does now- it will be a third party entity)
Send allows instant disbursements - imagine payments from insurance companies that land to your bank account nearly instantly - and P2P payments that let consumers "seamlessly send and receive funds from friends and family typically within seconds through providers including issuers, money transfer operators, merchants and more."
three things happen at once: The phone submits a $5 store coupon, his Citibank (C) MasterCard (MA) account is charged $20 for the shorts, and his loyalty card with the retailer, also stored on the phone, is credited with the purchase.
