Google Wallet is an NFC-based mobile payment service, and Google has officially announced it. So far, Google Wallet has gained support of many retailers such as Subway, Macy's, Walgreens, Toys 'R Us, First Data, Citibank, MasterCard, and Sprint. Speaking of MasterCard, this partnership with Google means that Google Wallet will be fully compatible with PayPass payment system.

For now, Sprint Nexus S 4G will be the only Google Wallet compatible phone, but Google is planning to add support for other phones as well in the future. Google has even suggested that phones without built-in NFC might be able to use Google Wallet thanks to the NFC sticker, however, Google Wallet app won't work on those phones.

As for the Google Wallet, it's already being tested in New York and San Francisco, and we should see the full release of this service this summer.

[via Engadget]

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