05/26/2011 02:20 pm ET Updated Jul 26, 2011

Google Wallet: Twitter Users React To Google's Mobile Payment Platform

Google unveiled its heavily anticipated Google Wallet today during a massive press conference at the company's New York City headquarters.

The new service will allow users to register their credit cards on their smartphones and use the device to conveniently purchase goods and services.

"Because Google Wallet is a mobile app, it will do more than a regular wallet ever could. You'll be able to store your credit cards, offers, loyalty cards and gift cards, but without the bulk," Google said via blogpost. "When you tap to pay, your phone will also automatically redeem offers and earn loyalty points for you. Someday, even things like boarding passes, tickets, ID and keys could be stored in Google Wallet."

Will Google Wallet equal money in the bank for Google? Here's what the folks on Twitter have to say: