Google Wallet

Google wants to help shoppers leave their wallets at home. The world's most popular search engine recently offered a demonstration of Google Wallet, a mobile app that aims to transform your phone into your wallet. Such an app, which the company is currently field testing, could help expedite how people shop and pay for goods. The company plans to release the app soon. Google has partnered with some major credit card providers and retailers to support its Wallet launch. The app stores users' credit card, retail loyalty card and gift card information in the phone. It then allows users in a retail store to pay at the register by waving their phone in front of a near-field communication (NFC) reader. Users will also be able to redeem retail offers and earn store loyalty credit with a single tap of their mobile phone. Retailers ranging from Macy's and American Eagle Outfitters to The Container Store and Subway have already signed up as SingleTap merchants. When the app debuts, Google Wallet will support payments with a PayPass eligible Citi MasterCard and a virtual Google Prepaid card.