This week Google has launched it's latest venture 'Google Wallet'. The app that makes your phone your wallet.
Checkout the promo video giving further details on the launch and the Google Wallet service:
Google has been testing this product extensively since May, but currently only select
users will be able to use Google Wallet to make payments. At the moment Google’s product has only
one compatible device (The Nexus S 45) and one credit card that
connects with the app (Citi MasterCard).
So if you're not running on the above at the moment, then, Google has said that they would be making a Google
prepaid card available for use with Google Wallet. Users can fill this
card by using any other standard credit card. According to the Google Blog post
announcing the launch, “Visa, Discover and American Express have made
available their NFC specifications that could enable their cards to be
added to future versions of Google Wallet.”
I have concerns for security, battery outage and privacy / hacking issues, but hey there's still credit card fraud and tricksters now, so whether you pay by phone or payment card there are still risks either way.
Let's see how well the launch goes.