Eric Schmidt is Optimistic to the Growth of Mobile Payments

“ In the coming year,there will be more and more restaurants and retail outlets  allow for mobile payments.” Schmidt said at the Cannes Lions International Festival of Creativity today.

He said "How long does it take an infrastructure player to upgrade a significant percentage of their infrastructure–it’s on the order of a year, it’s not a week, it’s not a month but it’s also not five years. It’s an educated guess." And more and more companies get the establishments for mobile payments. Last month, they put out the Google Wallet,which will be available on the Nexus S and will work with "a PayPass-eligible Citi MasterCard and a virtual Google Prepaid card."

Google said that all future Android smartphones will be NFC-compatible. Rumors suggested the next iphone will also feature NFC technology.

Schmidt means that they will try their best to promote this project.

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