Google announces Google Wallet (videos)

We’re in New York at Google’s Wallet press conference, and they’ve just announced Google Wallet and Google Offers mobile payment services.

Google says that it is working with retailers, banks, and other partners to allow users to make mobile payments with their cell phones. “Your phone will be your wallet” was the keynote headline when the conference began. Initial partners for the service will include Macy’s , MasterCard, Walgreens, Sprint, Subway and Citi, and trials will begin today with a full launch expected this summer.

OVer 300,000 merchant locations in the United States will work with Google’s NFC-based mobile payment services, and Google Wallet will automatically apply discounts, loyalty rewards, or coupons at the point of sale. Users can charge up the wallet using a credit card or a prepaid Google card.  By 2014, expectations estimate that over 150 million smartphones will be enabled with near-field communications (NFC). Google Offers will provide offers based on a user’s location and preferences, and that trial will first occur in Portland and New York.

Will this cause problems in the savings category?  Will it make you spend more?  Is this really a convenience?  Chime in and let us know your thoughts on the prospect of NFC as a primary source of paying for goods and services.

See what retailers are saying…..

See a demonstration of Google Wallet…..

Fox News Coverage of Google Wallet….

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