“Make your phone your wallet” – only if you have Google Wallet. Google has just announced Google Wallet as well as Google Offers during a press affair held in New York City. Together with MasterCard, Citi, First Data, Macy’s, Subway, Toys ‘R Us, Sprint and other well-known companies, Google is bringing another kind of service that looks to revolutionize how we pay for the things.

So what does it all mean for me?

Consider this: all you need to do to enjoy Google’s service is install the Google Wallet app in your Android smartphone, and permitting it has NFC, will enable you to get spendin’ right away.  After the installation, there are no restrictions as to how many credit cards you can add to Google Wallet. However, as of this moment, only Citi Bank credit cards and Google Prepaid cards are being supported.

Google Wallet is already accessible, and is compatible with MasterCard’s PayPass system. Google Wallet, we believe, is likely to gain considerable momentum simply because it is accessible in more than 300,000 locations from today onward.

Why is this better than credit cards?

As part of the press event, Google also took the opportunity to introduce Google Offers. Google Wallet and Google Offers are strongly interconnected. You can find Google Offers in Google Search or in Google Offers itself. As soon as you have discovered an offer that suits your interest, click save and then poof – it will go in your Google Wallet straightaway! When it’s time for payment, Google Wallet will handle the transaction,

Plus, there’s no need to worry because this is 100% safe, apparently. Google Wallet comes with innumerable security features. First and foremost, you will have your PIN wherein you’ll need it every time you use the service. Additionally – here’s what makes it really safe:  there is a special chip in your smartphones developed by Google and OEMs to secure all the information that is kept in your device.

According to Google, the secure element is distinct memory separate from the device’s memory, capable of running programs and storing data. The chip is specially made to permit trusted programs only on the Secure Element to access the credit information stored in the app.

And guess what – Google Wallet will not only be limited to credit cards. In the near future, Google said that they will also support boarding passes, ID’s, keys and also tickets. This, potentially, would mean we won’t need our leather wallets anymore!

For now, unfortunately, it will only be accessible to users of Nexus S 4G from Sprint. But for sure, it will come to many more Android devices soon.

Phones become wallets? How does this make you feel? Also, don’t forget that the Samsung Galaxy S II has NFC on board too, so we’re going to see plenty of Android Phones with this technology soon.

Source: Google Mobile Blog