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Google officially launched its mobile payment system Google Wallet yesterday, and it could very well change how we pay for merchandise and services. For now, the Google Wallet is only set up for Sprint Nexus S 4G phone users, but no doubt it will spread to other smartphone devices very soon.

Essentially, Google Wallet allows users to make digital payments with their Citi Mastercard or a Google Prepaid Card on their Sprint Nexus smartphone. In the long run, Google Wallet may prove to be a huge time saver for consumers when they simply have to launch a digital credit card and tap their phone on a machine to complete a payment transaction. Google Wallet could very well replace the physical wallet we carry in our pockets and purses, especially since a smartphone can hold pretty any type of content we may need.

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The Google Wallet system also includes – in addition to credit cards – loyalty cards, coupon offers, and payment history. Google says that the system will eventually include boarding passes, tickets, and other related items. As for now Google Wallet works with what are called SingleTap merchants, such as OfficeMax, Jamha Juice, CVS/Pharmacy, Macy’s, Walgreens, and Subway.

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When you see what is called a PayPass symbol at a checkout, you simply tap your phone on the PayPass reader. In turn, your phone sends the payments, and in some cases you receive loyalty information from supporting merchants.

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As the Google Wallet system spreads, it means that consumers will have to carry around less and less cash in their pockets. And that’s a good thing.  Don’t you agree?

Source: Google Blog

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