05/26/2011 09:40 am ET | Updated Jul 26, 2011

'Google Wallet' Announcement: Follow The Press Conference Live

Google is holding a press conference on Thursday in New York City to unveil its "latest innovations." Get the latest on the announcement right here.

Rumor has it Google will be taking the wraps off of a new mobile payments system--"Google Wallet"--that allows shoppers to pay for purchases simply by waving their smartphone, equipped with near-field communication technology, over a special reader at check-out counters.

Why would Google want to build a digital wallet? Read our take here, then tune in at 12PM ET to follow the press conference live. We'll be live blogging it below.

05/26/2011 1:12 PM EDT

We're wrapping up the live blog, but check back in for additional posts, analysis, guides, and more all about Google Wallet.

To get you started: Google Unveils Google Wallet

Why Google Wants To Reinvent Your Wallet

05/26/2011 1:03 PM EDT

The Q&A is starting!

But we're having some technical difficulties unfortunately. Head over to Engadget for full details on the questions and answers.

05/26/2011 1:00 PM EDT

Fared Adib's Sprint notes that Google Wallet is available on the recently-launched Nexus S 4G, which he says is currently one of Sprint's top selling phones. He offers praise for Google's Android operating system, noting that more than 75 percent of Sprint's phone sales today are Android.

He echoes Google's "open" motto: Open platforms "allow for choice...A carrier should not dictate your choices on your phone."

Google follows that up with a video showing what people working with Google Wallet have to say about it. The retailers in the video include Macy's, Subway, American Eagle, Walgreens, and The Container Store.

05/26/2011 12:55 PM EDT

More on Google Wallet

Read our longer post on Google Wallet: what it is, when it's coming, how to use it, and more.

05/26/2011 12:48 PM EDT

And for Google's next act..?

@ marshallk : Google Real-Time Economic Activity Data API coming next?

05/26/2011 12:47 PM EDT

Google's official announcement

Google's blog post on Google Wallet is up here.

05/26/2011 12:47 PM EDT

Mastercard's McLaughlan is back up! He says, "It's about intermediation, it's about bringing together industry leaders to leverage their strengths" and help consumers.

05/26/2011 12:44 PM EDT

Why? Convenience for consumers

Galant says the goal of this partnership is "to help improve and simplify the everyday lives of consumers by bringing them real value, enhancing their shopping experience, helping them manage their money."

We're only at the "starting point of mobile payments capabilities," he adds.

05/26/2011 12:41 PM EDT

Google invites reps from its partners--Citi, Mastercard, First Data, and Sprint--onstage.

Citi's Paul Galant jokes about his "banking costume" as he takes the stage (he's in a suit and tie, not exactly the casual jeans of most Googlers).

"Today marks an important milestone in digital and mobile banking," said Galant. He notes that Citi hopes to be "the world's digital bank." He's talking about how please Citi is to be partnering with Google and discussing Citi's new efforts, with a special nod to Citi's "social media customer service" via the official Twitter handle, @AskCiti.

05/26/2011 12:38 PM EDT

"Open is who we are at Google," says Bedier. "It's a deep part of our culture, our history, and we know open systems add value for all players."

Google is now activating some 400,000 phones a day, Bedier adds.