Google Wallet: 9 Things You Need To Know About Google's Newest Product

05/26/2011 04:59 pm ET | Updated Jul 26, 2011

On Thursday, Google announced the release of Google Wallet, a product that will allow customers to use chip-enabled mobile phones to pay for products at retail locations around the world.

Google Wallet will launch this summer, in partnership with Citibank, Mastercard, Sprint, First Data and a slew of stores. The Wallet, an app for smartphones, will use Near Field Communication (NFC) technology so that users can pay just by waving their phones over a terminal when they pay. At the same time, Google will continue rolling out Google Offers, which offers users a way to find and use coupons.

Check out the slideshow to see nine things you need to know about Google Wallet:

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