Ever since the debut of the Nexus S, industry pundits and analysts were speculating about the potential roll out of a new digital payment system – one that did not require a credit card or cash. With the assistance of NFC (Near Field Communication) technology, swiping to pay with your smartphone is actually something that could be possible.

After being discussed for the past week, Google’s mobile payment system has finally been officially announced to the world. Dubbed Google Wallet, this free Android app will allow you to pay for products at outlets that support the system with any NFC-enabled mobile phone. Say goodbye to physical payment folks, and say hello to being able to swip and swype your phone into thousands of dollars of debt!

Google has teamed up with MasterCard, Citi, First Data and Sprint to make Google Wallet a reality. In order to make this service happen, NFC payment gateways are currently being distributed to specific merchants and retailers, and all the players involved believe it will be heartily embraced by a younger demographic. The potential to deliver pertinent ads, promotions, and deals to willing recipients could mark the beginning of a revolution in mobile payment systems. Once you consider the potential for such a payment method, and couple in GPS data and consumer data, you have the makings of something that could even put Groupon to shame. Google has devoted significant resources to ensure that there are unique benefits to using the system through discounts, promotions, sales and loyalty rewards.

How do you feel about NFC technology and Google Wallet? Would you like to do away with your wallet and be able to pay with your phone?

While Google Wallet’s service is in its preliminary phases right now, it will begin rolling out this summer. Looks like its time to take the plunge folks!

via: Official Google Wallet Site

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