Next-gen google Nexus to Replace Credit Cards - - Announced by Google Chief Executive Officer Eric Schmidt Referring The Process as "tap-and-pay"

What exactly a smartphone can’t do that we expect from a modern pocket PC or Tablet PC? The rapid technology advancement will surely leave nothing to answer this simple question.

Google is planning to launch a real replacement of the credit cards in the form of new Nexus Smartphone. Google Chief Executive Officer Eric Schmidt announced the new Nexus phone in San Francisco at the Web 2.0 Summit. 

At a conference, Schmidt pulled a cellphone from a pocket and said, "I have here an unannounced product that I carry around with me. You will be able to take these mobile devices that will be able to do commerce. Essentially, bump for everything and eventually replace credit cards," he said.

Schmidt called the process "tap-and-pay," referring to use of a touch screen on the phone that requires tapping to make transactions. "I don't think people understand how powerful these things are. This is a really good day for mobile," he said.