In the past few thousand years, the way we pay has changed just three times. From coins, to paper money, to plastic cards. – Now Google is on the brink of the next big shift.
Google Wallet is an Android app that makes your phone your wallet. It stores virtual versions of your existing plastic cards on your phone. Eventually your loyalty cards, gift cards, receipts, boarding passes, tickets, even your keys will be seamlessly synced to your Google Wallet. You just have to tap your phone on the reader and your phone sends the payment.
See more in the GOOGLE VIDEO
(total 02:00min | from google.com/wallet)
The latest announcement was mid august (first press release May 26, 2011) and now we got a web update message. Its still in a test period.
It only works in the US on Nexus S 4G by Google, only through Sprint and only with Citi® MasterCard® cards as well as the Google Prepaid Card.
Regarding the retailers check out: where-it-works.html
Read more at http://www.google.com/wallet