Google Releases Google Wallet: The New Mobile Payment App Using Phone as Digital Wallet

Google announced the the latest mobile payment app,the Google wallet which enables your mobile to be used as a digital currency.All you have to do is head over to the store,scan the bar-code of the desired product using your mobile's bar code reader.Google will take over the payment after the scan and you don't need to carry any real currency with you.No cards,credit or debit are not required and all it needs is a smartPhone with a bar-code reader.A beep will indicate the initiation of the transaction and will be completed with a beep.

                                                                       This tap & pay feature is applicable for shops where MasterCard paypass network is applicable(Google includes a pauypass finder inside this app) and currently encompasses almost 140,000 locations in U.S alone.In the forth-coming months,Resellers like Visa,American Express & discover etc will also find be clubbed under the Near Field Communication(NFC) technology and will be added to the network.
                                                               Just as Osama Bedier,Vp of payments @ Google had quoted:

                                                          "In the future, our goal is to make it possible for you to add all of your payment cards to Google Wallet, so you can say goodbye to even the biggest traditional wallets,"

 Update:
                                                            Google wallet now allows you to make transactions from Citimaster card and the Google prepaid card along with MasterCard,which can be funded with any of your real credit cards.And if you are one of the few enthusiasts who want to try this new feature,Google will add $10 free bonus to the Google Prepaid card if you set it up in the Google wallet before the year end.With Sprint Nexus S 4G phones to be the very first of the kind to have the Google Wallet App to be shipped along with the Phone and the Holiday season just around the corner,its time to shop using the future currency of the world.
 There are a few things which needs to be cleared out here:
Q) Will Google Sniff around & infringe on privacy details?
A: Currently no.All that will be saved will be the Bill details along with the date of transaction & nothing else.
Q)Will Google make any tranfer without my Knowledge using my PayPass?
A: Google is just a medium linking you to the nearest NFC device,all transactions will be made only after user's approval.
Q) If my mobile is lost or stolen?
A: Every user is given a 4 digit pin code which would be used for validation purposes & when wrong pin is entered 5 times,the pin will be reset & your identity & account details will not be vulnerable to theft.