On Thursday, Google (GOOG) announced its plans to launch two new services, Google Wallet and Google Offers, this summer, according to the Wall Street Journal.
Google Wallet will allow Android smart phone users to pay for goods and services by waving the phone in front of a special reader at checkout counters. The Journal reported that Google Offers would allow Android smart phone users to access coupons and special offers.
A technology called near-field communication, or NFC, which works with most newer point-of-sale terminals, powers the new Google services, according to the Journal.
The Google Wallet platform is expected to increase consumer purchases, but the real opportunity is with the targeted coupons and ads Google will be able to deliver through the technology, the Journal reported.
GOOG is Cabot Benjamin Graham Value Letter stock.