Google Wallet for NFC-enabled phone announced

Google along with Citi, MasterCard, First Data and Sprint have recently given a demo of Google Wallet, a mobile application that will make your mobile phone your wallet. Using the mobile app, you’ll be able to tap, pay and save using your cellphone and near field communication (NFC). 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 offline commerce.

Google Wallet will let you store your credit cards, offers, loyalty cards and gift cards, but without the bulk. When you tap to pay, your mobile phone will also automatically redeem offers and earn loyalty points for you. In future releases, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet.

At launch, Google Wallet will support payments via PayPass-eligible MasterCard cards issued by Citi, and via the Google Prepaid Card. From the outset, you’ll be able to tap your phone to pay wherever MasterCard PayPass is accepted. Google Wallet will also sync your Google Offers, which you’ll be able to redeem via NFC at participating SingleTap merchants, or by showing the barcode as you check out. Many merchants are working to integrate their offers and loyalty programs with Google Wallet.

Google will support additional payment options in the future. They are working closely with First Data whose Trusted Service Manager enables over-the-air provisioning of payment card credentials to Google Wallet. First Data is also helping reach out to merchants about contactless payments.

In the beginning, Google Wallet will be compatible with Nexus S 4G by Google, available on Sprint. Over time, Google plans on expanding support to more phones. Sprint will bring Google Wallet to end users by deploying the service on the Nexus S 4G and many of its upcoming Android phones. You can learn more about Google Wallet from the official website at www.google.com/wallet.