If all goes well this summer for Google, you may no longer get a men's wallet for Father's day. Google wallet is attempting to replace wallets for men this summmer by equipping retailers with the technology that will make it possible to pay with your Android smartphone. A digital travel wallet can be used to describe Google Wallet.
Citi MasterCard's PayPass system will be the processing technology behind Google Wallet. So far the list of participation retailers include Bloomingdale's, Macy's, Toys R Us, Walgreens, and Noan's Bagel. Other partners include Sprint and First Data (payemt processing / transaction securirty service).
As for security all information will be stored and encrypted on a chip that is built-in to the phone. The Google Wallet application can only be accessed with a PIN when launching or purchasing.
The Sprint Nexus S 4G will have an integrated NFC (near-field communication) chip that will allow credit card transactions with a simple swipe. Google wallet plans to incorporate more than one credit card issuer and encourages any business who has an interest to join.
Google also is setting the stage for Google Offers which is a service featuring points, coupons and deals. All future Android based phones will have NFC chips so that consumer can easily pay when they shop at participating retailers.