With Near Field Communication becoming a standard in Mobile devices, Google today launched its NFC based payment system Google Wallet with a limited availability. The payment system is pitted against traditional credit cards and debit cards, and your mobile device as a single repository for all your credit card/debit card information. As the name states, it is meant to replace your wallet and provide more security.
Also known as Contact less payment System , At present the software is available for Google Nexus 4G devices which are NFC enabled. It supports Citibank’s Master cards (with Paypass) and works on Sprint. But Google is expected to launch the service with other banks /VISA/Discover later this year after the current pilot.
Though Paypass is already in use with credit card, Google wallet will eliminate the need for you to take your credit cards outside your home. And in future might even replace plastic credit cards with virtual ones. But it remains to be seen how soon the adaption of this technology is. But Google also have a incentive for the users of Google Wallet, it has worked with many vendors for providing more offers to users. Along with the Google Wallet , Google has launched Google offers to encourage the use of its payment system.