Your phone will be your wallet.
At the New York press conference today, Google announced its new mobile payment service: Google Wallet.
Google Wallet will work much like your phone’s credit and can be used on many of the promised installations around the US. Google said that it is working with banks, retailers and other partners to allow users to make payment with their mobiles.
“Your phone will be your wallet,” Google’s VP of Commerce, Stephanie Tilenius, said. “Just tap, pay and save.” As of yet, Citi, MasterCard, Macy’s, Subway, Walgreens, and Sprint have partnered with the search giants to help trials, with a full launch expected this summer.
Users will be able to charge their Google Wallet with either their credit cards or by using a prepaid Google card. The Wallet will then apply discounts, loyalty rewards, or coupons at the point of sale automatically.
Google expects that, by 2014, around 150 million smartphones will be enabled with near-field communications.