'Google Wallet' mobile payment system announced for Sprint Nexus S 4G

[Clipp]

Today, Google announced a new mobile payment system, called Google Wallet, that may just change the way we purchase goods and services. Google Wallet is essentially an app that turns your Android into a wallet by storing virtual versions of your existing plastic cards on your phone. Payments are made simply by tapping on your phone to pay and redeem offers using near field communication (NFC). It will first launch on Sprint’s Nexus S 4G, with more devices gaining support in the future.

More info & video...

Exciting times, this could end up being huge. Japan would be proud, since they've been doing something similar for a while with NFC. Hopefully, Google can take it to the next level.

[AZTECHKA]

I just hope that they figure out a secure way of doing it... Because if anyone gets close to me and or my phone, I might have to hurt a fool.

I'm sure you'll have to turn on your phone and launch the app/widget before you can tap. Or at least I hope.
p.

[GuyWithNoLife]

On the phone there are two settings for NFC; one that enables the radio, and a second one further in settings that allows other NFC devices to detect your device. By default, the NFC radio is enabled but allowing other devices to detect yours is disabled.

That's not to say there aren't vunerabilities that can be exploited. I'll stick to using a physical credit card, or cash.