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What kind of services is Schmidt referring to when he says that Google is looking at Google+ as an identity platform that could support other services? Dave Winer thinks that the company wants to effectively become a bank — something he also suspects that Apple and Amazon are interested in as well — and that’s definitely a possibility. Apple and Google both seem interested in NFC technology (near-field communication), which turns mobile devices into electronic wallets, and having a social network tied to an individual user’s identity would come in handy. Ross Dawson says Google wants to build a “reputation engine” using Google+ as a platform.

New technical standards and consumers’ extensive use of mobile media put us on the cusp of an explosion in mobile payments.

Long rumored and heavily used in Asia, mobile phones have the ability to be used as payment devices similar to credit cards.

Now, the growing penetration of smartphones, the widespread use of phones to comparison shop, share price or product features or accept discount and coupon offers makes mobile payments the next high demand phone function.

Card.io, which was founded by Mike Mettler and Josh Bleecher, has raised $1 million in seed funding.

Card.io is focused on solving a specific part of the mobile payments business — buying things with a credit card on the phone, whether it’s digital goods, like a song, or physical goods from a site like Amazon.

Rather than having to type in the credit card number, users just hold a credit card up to the phone’s camera, which automatically reads the card information and enters the appropriate data.

Square has struck a deal with Wal-Mart that will bring the dongle into retail stores across the country.

In theory, Wal-Mart could arm all of the floor representatives with Square dongles and have customers in and out. It may even help alleviate long lines at the checkout.

It is also imaginable that Wal-Mart could set up in-store payment kiosks away from the registers with the Square Register.