Google to Launch Mobile Wallet Today

Google on May 26, 2011 is expected to announce its new mobile payments service in partnership with MasterCard, Citibank, Spring and various retailers. The mobile wallet service will work for the moment on the Google Nexus S device that comes equipped natively with near field communications capability.

The service will use "PayPass" retailer terminals supplied by MasterCard. The program will launch in five cities, including New York,San Francisco, Los Angeles, Chicago and Washington, D.C in the summer of 2011. Macy's, American Eagle and Subway will feature the payment system alongside customer rewards programs.

In taking a mobile wallet approach, also now the stated goal of Isis, Google clearly is aiming not at the transaction revenue, but at other opportunities ranging from loyalty to local advertising and promotion.

The Mobile Payment Wars Are Officially Underway - Technology - The Atlantic Wire