Google launches mobile payment platform 'Google Wallet'

Google Inc on Monday launched its mobile payment platform `Google Wallet', allowing consumers in New York and San Francisco pay for store purchases using their smart phones.

Google Wallet, which is already supported by Citigroup, MasterCard, Sprint Nextel Corp and First Data, will be available for holders of Visa, American Express and Discover cards as well.

Google Wallet started trial operations in May, with a system that lets shoppers store money on phones and pay at checkout.

Google's payment system competes with payment systems of some of the top US banks and mobile phone companies and uses near-field communication (NFC) technology, used widely in Asia.

In a joint communication, Google and Visa said the internet search leader has worldwide licence to Visa's "paywave", a system similar to Mastercard's PayPass, and can be installed on Android smart phones.

Customers can link their credit or debit bank accounts to Android phones with the Google Wallet applications installed.