The Mountain View, CA based company is set to launch their new product on September 19th known as Google Wallet. The premise of waving stuff around to pay for things isn’t a new one but the tech company hopes to popularize it. Basically, how it works is that you can store virtual credit cards on your phone and wherever you go if the merchant has the Google Wallet machine you can wave your phone at it. Currently, it will only work with Citi Mastercard or you can purchase a Google prepaid card but they are hoping to expand in the future. It is also only available right now for the Nexus S 4G mobile phone. Utilizing NFC (Near Field Communication) technology, it allows data transfer between two objects brought within a few inches of each other. You will also get customer loyalty discount offers and other things.

Seems like another way for Google to gather information on you.

[youtube]http://www.youtube.com/watch?v=gKGptWtzeaU&feature=player_embedded[/youtube]