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Google Announces Google Wallet and Google Offers

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May 26, 2011, 11:07 AM   by Eric M. Zeman   @phonescooper
updated May 26, 2011, 11:42 AM

Updated: on-going edits as more information becomes available, added more details, added URL

At an event at its New York City offices today, Google unveiled a new mobile payment system meant to help spur the adoption of smartphones as mobile wallets. The new Google Wallet service is an open platform for payments and offers at the point of sale. Google said it makes use of your phone to "tap, pay and save." Google said Google Wallet will use NFC (near-field communications) and GPS to let people use phones for commercial transactions in a way that hasn't been possible on the internet. According to a MasterCard executive on-hand at the event, over 300,000 merchant locations are ready for NFC-based Google Wallet -- with 120,000 located in the U.S. alone. Google Wallet works with MasterCard's PayPass system, and Sprint, Citi, and MasterCard are among the first Google Wallet partners. The system will support loyalty programs, such as supermarket club cards, and automatically apply any earned discounts to the purchase. Google says that receipts are stored electronically on the phone. Google is trialling the system now in New York City and San Francisco, and will launch fully later this summer. Some of the first retailers on board are Macy's, Walgreens, and Subway. Google Offers is similar to Groupon, and will provide users with daily deals, which can be accessed from Google services/apps such as Google Wallet and Google Shopper.

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