At an New York City event today, Google along with Citi, MasterCard, First Data and Sprint, gave a demo of "Google Wallet" mobile app that'll turn shoppers' phones into their wallets.
Google Wallet will enable consumers to store their credit cards, coupons, loyalty and gift cards securely on their phone, so they can pay, redeem offers, and earn loyalty points, as well as bridging the gap between online and offline commerce - all with a single tap of their phone," Google said.
"Google Wallet will support both Citi MasterCard and Google Prepaid Card, which you'll be able to fund with almost any payment card. From the outset, you'll be able to tap your phone to pay wherever MasterCard PayPass is accepted. Google Wallet will also sync your Google Offers, which you'll be able to redeem via NFC at participating SingleTap merchants, or by showing the barcode as you check out. Many merchants are working to integrate their offers and loyalty programs with Google Wallet," explained Google.
"A key benefit to retailers will be the integration of coupons, or offers, into Google Wallet. We've been testing a variety of offers - from discounts directly within search ads to check-in offers to offers in Google Places. Over time, consumers will be able to save each of these offers directly to their Google Wallet. That means consumers will get the benefit of carrying their offers with them at all times, bringing retailers targeted foot traffic," stated Google Merchant blog.
"The integration of offers into Google Wallet will enable merchants to close the loop by directly connecting their online and mobile advertising with offline purchases. In addition, Google Wallet provides merchants with a way to engage with customers in-store, enhancing the customer experience. Many leading merchants are integrating Google Wallet into their stores," added Google Merchant blog.
Participating retailers include: American Eagle Outfitters, Bloomingdale's, Champs Sports, The Container Store, Duane Reade, Einstein Bros. Bagels, Foot Locker, Guess, Jamba Juice, Macy's, Noah's Bagels, Peet's Coffee & Tea, RadioShack, Subway, Toys "R" Us and Walgreens.
With Google Wallet, Google is building an open commerce ecosystem, and planning to develop APIs that'll enable integration with numerous partners.
In the beginning, Google Wallet will be compatible with Spint's Nexus S 4G by Google.
Google Wallet is currently being field tested, to learn more please visit Google Wallet.