According to the source, Schmidt believes that such a development is likely to prepare the basis for a “trillion dollar” industry of mobile advertising and payments.
In January 2011, Eric Schmidt revealed plans to head Google’s strategic initiatives for 2011 towards the development of the mobile money industry. As a result, Google, MasterCard, global financial services provider Citi, US electronic commerce and payment processing company First Data and US provider of wireless and wireline communication services Sprint have recently teamed up for Google Wallet, an app that is expected to turn a mobile phone into a wallet.
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