Google (NASDAQ:GOOG) has launched its long awaited version of its smartphone wallet. The Internet search and advertising tycoon with an appetite for world domination has launched a trial of its payment system in both New York and San Francisco in cooperation with MasterCard and Citibank, the service is set to be opened to other customers across the country by the summer. The new Google wallet will only initially work with its Nexus S 4G model which is carried by Sprint Nextel and will only work on MasterCard PayPass terminals.
The launch will face stiff opposition from other cell phone providers who are also looking to enter the smart wallet market. The other three out of four carriers have started their own consortium to launch a wallet called ISIS and Visa also has plans to launch its own wallet.
The system works as a “single tap” solution where shoppers would be able to pay by tapping their phone against the PayPass terminal or by swiping it past it.
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