Google, Citigroup, Mastercard Setting Up Android Payment System (GOOG)

Google GOOG, Citigroup C and MasterCard MA are working together to set up a mobile payment system for Android phones, Reuters reports. The new technology will allow consumers to wave their Android phones in front of a small reader at the checkout counter to make payments. The payment system would allow Google to offer more customer data to retailers and help them target mobile device advertisements and discount offers.