Mastercard Moving Ahead With Google Wallet

Mastercard has announced that their new application using Google Wallet will shortly be available. The application will allow payment to be made by tapping a mobile phone on a terminal, such as a Paypass terminal.  Currently, this can be done with cards containing a special embedded chip but with this new approach, a chip would be embedded in a mobile phone. It would be constructed to self-destruct if it is compromised.

The advent of payments by using mobile phones, already a reality in Europe and Asia for several years, has been eagerly awaited in North America. It is likely to be very popular, if it can be demonstrated to be readily available and secure.

Here's an article on the Mastercard announcement.