Google announced today that is has released the first version of Google Wallet to Sprint customers with a Nexus S 4G phone. Google Wallet is an app that turns your phone into a wallet that securely stores your credit card information. To pay a tab, you tap your phone to a compatible NFC reader offered through the merchant.
Watch this demo for more details:
For now, only Citi Mastercards and Google Prepaid Cards are supported; however, Google says it aims “to eventually support all the payment cards you keep in your leather wallet today. So the only plastic you’ll need is your phone.”
Google Wallet also stores loyalty rewards and Google Offer deals.
Google says that it envisions Google Wallet to be more secure than carrying around plastic in your wallet. In order to make a purchase, a PIN is required. Account details are stored on an encrypted computer chip called Secure Element.
What are your thoughts on Google Wallet? Are you going to give it a whirl as soon as it is available on your credit card of choice? If you’re not an Android user, do you hope Google Wallet will be available on other smartphone platforms?
For more details on Google Wallet, check out the FAQs.