Google Launches 'Wallet' Payment Service

Google's ambitious scheme to put the world's wallet-makers out of business was quietly launched yesterday . The Wallet service—which replaces credit cards, loyalty cards, and coupons with an app that allows people to pay for goods and services with a single tap of their smartphone—currently only links Citi MasterCards with Sprint Nexus S 4G phones—but Visa, Discover, and American Express are joining the service and more wireless companies are expected to get on board soon, reports the Los Angeles Times.

Google Wallet is in its infancy, and the number of outlets accepting it is limited, "but the system already shows a lot of promise," declares Christina Warren at Mashable. Other companies are working on wireless wallet projects, but Google's may become the platform others decide to build on, she writes. (More Google Wallet stories.)