It has been expected for some time now and Google has officially announced Google Wallet a mobile payment method that enables users to store credit cards and many other things on their mobile phone. Google Wallet uses NFC (Near Field Communication) technology to make secure payments in a fast and convenient manner. Google says that it enables one to store credit cards, offers, loyalty cards and gift cards, but without the bulk. When a person uses this app, their phone will also automatically redeem offers and earn loyalty points.

Google Wallet Announced

Google Wallet Announced

In a demo at Google’s New York City office, they said that they were field testing it and plan to release it soon. Google claims that because Google Wallet is a mobile app, it will do more than a regular wallet ever could. Google says that at first the mobile app will support both Citi MasterCard and a Google Prepaid Card, which one will be able to fund with almost any payment card. Google goes on to say that with Google Wallet they are building an open commerce ecosystem and are planning to develop APIs that will enable integration with numerous partners.

Google Wallet is right now compatible with Google’s Nexus S 4G on the US carrier’s Sprint network. But will be launching it on more mobile phones over time. Google claims that someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet. Google ended the announcement by saying that this is just the start of what has already been a great adventure towards the future of mobile shopping.

Source: The Official Google Blog

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