Google Wallet Transforms Your Mobile Phone into a Wallet

Google has recently announced their new mobile payment system with Google Wallet. Google Wallet is essentially an app that transforms your smartphone into a wallet. All you have to do is tap your phone against a near-field communications (NFC) reader that retail stores will have installed and your purchase is automatically made.

Citigroup, MasterCard, First Data, and Sprint Nextel joined Google in its New York offices Thursday to offer the press an official demo of a Google app that essentially works to transform a smartphone into a wallet. Google Wallet is currently in field testing, with no official release date.

“Google Wallet is a key part of our ongoing effort to improve shopping for both businesses and consumers,” Rob von Behren and Jonathan Wall, the founding engineers for Google Wallet, wrote in a blog. “It’s aimed at making it easier for you to pay for and save on the goods you want, while giving merchants more ways to offer coupons and loyalty programs to customers, as well as bridging the gap between online and off-line commerce.”

Google also confirmed that many retail chains are working on integrating systems that will support Google Wallet. Google Wallet is going to encourage a lot of deals like discounts, promotions, loyalty rewards, and the like. Google Wallet will be supported only on the Nexus S 4G from Sprint, but in the future, Google hopes to add more phones that are supported to the list.

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