Google is stepping up its plans to bring NFC (Near Field Communication) technology) to the payment and advertising spheres according to two individuals familiar with the developments.

According to the BusinessWeek the two people (who requested to remain anonymous) suggest that the service may well be rolled out by Google some time in 2011, and will receive and send information wirelessly on your mobile from as little as 4 inches away.

This means you'll be able to nip down to your local shop to purchase everyday items such as milk, pipe cleaners and gaffer tape with just a tap or a wave of your mobile phone.

There are plenty of other companies, apart from Google that want in on this new technology, as projected payments by NFC could be up to one-third of the £1.3 trillion global mobile payments by 2014.

Google chief executive Eric Schmidt said: "You'll be able to walk in a store and do commerce. You'd bump for everything and eventually replace credit cards".

The NFC chip on your phone could hold a myriad of information about you and your transactions, including financial details and items purchased; it would also enable you to scan objects related to a future purchase such as theatre posters, thereby enabling you to read reviews and buy tickets online for that particular show.

As Pocket-lint reported, NFC tech has been added to its new Android 2.3 OS and Nexus S phone, which will presumably help Google test the new tech out and iron out any creases before widespread adoption.

It's important to remember however that the technology is a two way street as not only will you be able to access information using NFC, but companies and services you use will no doubt be able to access your personal data as well. It's a brave new world.