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Google’s Mobile Payments Challenge

The search giant is reportedly looking to break into the nascent space where firms like MasterCard(MA_), AT&T(T_) and upstarts like Obopay are all seeking a common goal: Enable consumers to purchase goods and services with a mere wave of their smartphone, while looking for a cut of the lucrative transaction fees.

Mobile payments represent a “mega-scale opportunity” for Google, CEO Eric Schmidt said in February at the Mobile World Congress tradeshow in Barcelona. (A Google spokesman declined to comment further on the company’s mobile payment plans.)

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