Google today announced its new mobile wallet technology, the Google Wallet, which allows users to store, carry and pay with their credit cards using their Android phones. The Google eWallet uses NFC (near-field communications) technology by including an NFC chip on those phones that are enabled with Google Wallet. MasterCard, Citibank, Macy’s, American Eagle and Subway have already signed on, to name a few.

The Google Wallet, says Google, is “aimed at making it easier for you to pay for and save on the goods you want, while giving merchants more ways to offer coupons and loyalty programs to customers, as well as bridging the gap between online and offline commerce.”

Google already has “Google Offers” lined up in conjunction with the Google Wallet; Google Offers are, in essence, electronic coupons. A spokesperson for Google suggested that at some point people might even be able to carry their drivers’ license in their Google Wallet.

Once a user signs up for Google Wallet, and sets up their account, their information is sent to their bank. Until the user confirms their account (via a confirmation code) they are limited to spending only $100.

Google Wallet also will allow the user to preload – and reload – a prepaid credit card

Google insists that the technology is secure, and said that the NFC chip would only be ‘on’ when it was actually being used. If a user loses their phone, says Google, the Google Wallet can be nearly instantly wiped, remotely, at which point, says Google, the user would have to go back to using their plastic cards.

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