The next Google phone aims at replacing its owners credit cards. Google's Chief Executive, Eric Schmidt, showed Google's next phone (deliberately covering up the name of the phone, so we don't know if it's the Nexus) on this year's Web 2.0 summit opening day. The phone will contain a chip, that allows users to make credit card payments from their handsets.

Google CEO Eric Schmidt holds up the next Google phone

Even though this device had the manufacturer's label deliberately covered it, it is pretty much safe to guess that it's the next Nexus. The chip will be a Near Field Communication chip which will make the phone act like a credit card. The Nokia 6131 was the first phone to use this technology which hasn't become the next big trend yet.

Schmidt also said the next version of Android aka, Gingerbread, will power this device and will be out in a few weeks. Gingerbread will feature this mobile payment system as a key tool.

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