Hours ago Google revealed its mobile payment service called Google Wallet, together with Citi, MasterCard, First Data and Sprint. A demo of the app was made available and we know that it relies on NFC (Near Field Communication) and the user will pay by tapping the phone to a nearby device.

Google intends to release the app soon and this service is supposed to aid both customers and businesses who want to ease payment. The Wallet is a mobile app that stores many credit cards, loyalty cards, gift cards and more. Just tap to pay and you’ll use your offers, points and special offers.

Boarding passes, tickets and keys will also be stored in the future. Initially, Google’s mobile payment app will support Citi MasterCard and a Google Prepaid Card, with the latter being funded through most cards. Google Offers will also be synced and redeemed via NFC at participating SingleTap merchants or by showing the required barcode.

Nexus S 4G is among the first phones compatible with the service, on Sprint. More info can be found here.

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