Here is what you need to know about google Wallet: 1. Google Wallet stores virtual versions of credit cards and coupons on a phone. 2. It will also store loyalty and gift cards in the future. 3. Google Wallet is a free app. 4. Google Wallet is separate from Google Checkout, and can be thought of as the brick-and-mortar counterpart to the online payment nature of Google Checkout 5. Google Wallet uses Near Field Communication to allow consumers to make contactless payments. 6. Google Wallet is currently field testing, but will become available to consumers this summer. 7. At first, Google Wallet will only be available on the Nexus S 4G by Google from Sprint, but Google will expand it to other devices/platforms in time. 8. Citi, MasterCard, First Data, and Sprint are launch partners for Google Wallet. 9. Google is also partnering with point of sale systems companies, including Verifone, Hypercom, Ingenico, and ViVOTech, to "introduce rich interaction between Google Wallet and the point of sale."