Google Announces Google Wallet

May 26, 2011

During a Thursday afternoon press conference, Google announced Google Wallet, a mobile payment platform that allows Android device users to "tap to pay" and garner the loyalty rewards from a particular store using a mobile device. During the press conference, Google said it expects 2011 to be the year of "mobile local" -- or "MoLo."

Google also says that business owners can target users with different offers for different reward levels. The product will be officially released this summer, supporting multiple cards (including a prepaid Google card). The company also stresses Wallet's security features, calling it a "wallet that locks."

Google also announced that it is teaming up with Sprint to bring Google Offers to market. Daily offers will be sent to your inbox and can be saved to Google Wallet and redeemed without printing or clipping. Eventually, according to Google, users will be able to put everything from your license to your medical records in your Google Wallet.

The program will go live this summer in Portland, San Francisco, and New York.