A few days ago, we told you that Google was most likely going to announce a mobile payment service using NFC. Today, that announcement is official, and it's called Google Wallet. Wallet is exactly what the name suggests: a payment service that aggregates all of your credit cards, coupons, loyalty cards, and more, into your Android phone. You can then not only use your phone to pay, but it will also enter your customer loyalty information automatically, as well as redeem any coupons that are loaded into your Wallet using NFC (near field communication).

Here are a few bullets about Wallet, how it works, and what to expect:

  • This service is going to officially launch this summer, but a beta program is already underway in San Francisco and NYC.
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