Google has announced the launch of Google Wallet – a test program that will allow mobile phone users to pay for purchases by swiping their cell phones in front of a reader.
The test program will be available in New York and San Francisco this summer. Apparently, the service requires a special chip that is currently only in the Nexus S 4G mobile phones.
Here’s a video from the launch event. Skip to 33:45 to get an idea for what Google is striving for.
Of course, SMS-based mobile payment services are already available and quite popular in many parts of the world.
ALSO: Apparently, Google is already being sued over the service, by eBay/PayPal.