12:20PM Tap on that and you can add funds from any credit card that you like.
12:20PM It, like the main card, can be used at any of the 300,000 PayPass locations.
12:20PM Then there's also the Google prepay card, which can be provisioned with a single tap.
12:19PM At first you can only use up to $100 until you enter a confirmation code received over SMS or e-mail, but it can be used immediately -- so long as your spree isn't too extravagant.
12:19PM This cycle will "Change the way credit cards are issued in the future."
12:19PM Personal info goes to the customer's bank, which then works with First Data, which is the "Trusted Services Manager."
12:18PM Yeah, we just saw his number. That may have been intentional. It scored some laughs.
12:18PM OOPS... I think we just saw his number.
12:18PM He's adding the data in realtime...
12:17PM Now he's doing it with his actual "wallet" -- which is just a stack of stuff in his pocket. He's entering it into the phone live -- no, he's not showing the number to us.
12:17PM At that point you can add cars, asking for details about a Citi Mastercard.
12:17PM It's asking for a PIN "without it I can't use it to pay or access any information in the wallet."
12:16PM Agreeing to some terms and conditions... reeeeeeally long terms and conditions.
12:16PM Getting a demo now, bringing up a Nexus S with the wallet app.
12:16PM Applause for the coders!
12:15PM Thanking the engineers and partners who've worked "tirelessly" to bring this to market.
12:15PM "This is not just an announcement, this is a real product. It's up and running and merchants are integrating as we speak."
12:15PM "Google is uniquely positioned" to shift us into this new grand payment scheme.
12:14PM Osama Bedier is up on stage, VP of Payments.
12:14PM "Eventually you'll be able to put everything in your Google Wallet" -- even drivers licenses!
12:14PM "Pay, you redeem offers, and you receive loyalty rewards with one tap of your phone."
12:14PM You'll be offer ads that you have to look for, places offers offered by retailers, and check-in items for those who want to be mayor of couponville.
12:13PM To redeem offers you just have to tap your phone, no fumbling for e-mails.
12:13PM Groupon just got Google'd.
12:12PM "Offers will be delivered to your inbox as an offer of the day." You can also go hunting for them through apps.
12:12PM Okay, time to talk Google Offers.
12:12PM Here we go: Macy's, Subway, Wallgreens, Toys 'R Us, Noah's Bagels, and "many more."
12:12PM The service starts in San Francisco and New York, expanding nationally "in the coming months."
12:11PM No more worrying about the guy at the next table over at dinner spying your digits.
12:11PM Phone lock, required pin, encrypted data on the phone itself, and the card is never fully displayed.
12:11PM It's a "wallet you can lock" -- multiple levels of security.
12:11PM Can also use a Google prepaid creditcard that can be funded from any credit card you like.
12:11PM Google Wallet supports multiple cards, by default Citi Mastercards.
12:10PM Okay, we're hearing now that it's 2014 before 50% of smartphones having NFC.
12:10PM Okay, diving in to Google Wallet now. Field test kicks off today, with the official release this summer.
12:09PM "Tap and save" is the phrase here. "Tap and save." We'll be hearing a lot of that.
12:09PM We're being told that this is "just getting started"
12:09PM Retailers can build relationships with consumers and deliver better targeted deals. Perhaps just a little big disconcerting...
12:09PM We spotted people from Macy's, Footlocker, and other retailers on the way in.
12:08PM Now, we're looking at the merchant side -- important, as there are a number of merchants in the house.
12:08PM When you tap to pay, all the loyalty rewards are applied and credited. No need to shuffle through a wallet full of flimsy cards.
12:08PM A pie coupon has popped up. So much for that diet...
12:07PM Based on your location the phone knows to bring up your shopping list. We're apparently out of avocados.
12:07PM We're going to walk through an example now, going grocery shopping.
12:07PM Joined by Citi, Mastercard, and Sprint.
12:07PM Stephanie is back, telling us how things are going to merge.
12:06PM "By working together we'll be able to truly transform the shopping experience."
12:06PM Mastercard estimates that, by next year, half of all phones will have NFC built in.
12:06PM Google Wallet is compatible with PayPass, meaning when this goes live you'll have compatibility in your phone.
12:05PM No more currency exchange! No more bizarre looking coins rattling around in desks and drawers for years after vacations.
12:05PM A phone could, in theory, work anywhere in the world if PayPass is accepted.
12:04PM They've provided the NFC foundation that we'll see "leveraged today by Google."
12:04PM PayPass was embedded in a Nokia phone almost a decade ago -- the basis for what we'll be seeing today.
12:04PM Time for Ed McLaughlan from Mastercard.
12:03PM "We are on the cusp of the next major change."
12:03PM We're looking at a 1950 Diners' Club card and the evolution to now, PayPass in 2011.
12:03PM Google says this is because shopping is not a "truly magical experience." Yes, the euphemisms are in the house!
12:02PM Still, e-commerce is only eight percent of overall retail.
12:02PM We wonder how many of them are PSN subscribers.
12:02PM in 1998 70% of consumers wouldn't pay online. Today, over 70% do. 180 degree transaction.
12:02PM "Virtually every retail brand has invested in building an ecommerce website... you're literally seeing every retail brand, every consumer brand offline come online."
12:01PM eCommerce surpassed $227 billion in 2010, will go over a trillion in 2013.
12:01PM "Your phone will be your wallet -- just tap, pay, and save."
12:01PM This system will "bring together all the pieces of the ecosystem" for payments.
12:00PM She's saying that all commerce, not just e-commerce, needs a reboot.
12:00PM Asking for carriers and banks to create "tomorrow's next best shopping experience."
12:00PM "Today we are announcing a couple of products: Google Wallet and Google Offers"
11:59AM She came over from eBay and PayPal, joining to "improve commerce" for consumers.
11:59AM Stephanie Tilenius, VP of Commerce at Google is on the stage.
11:59AM And here we go folks...
11:57AM Being washed in shades of purple, lime, tangerine, aqua -- always changing, never primary.
11:53AM Silencing our devices. Would hate to be that guy.
11:53AM "The program will begin in a few moments."
11:51AM This is some serious salsa/rap hybrid stuff we have playing here. We're stumped as to the source, and Shazam up and threw a Force Quit trying to figure it out.
11:45AM And some good times.
11:45AM And we're in our seats! Smooth latin beats and lots of multi-colored lights. Get ready for some trippy pics.
Okay, so we're not totally sure Google will be unveiling its Google Wallet contactless payment system, but we're rather certain that whatever the company has to unveil will have something to do with paying for things using a wallet that doesn't contain physical money yet features some sort of Google branding. Would you like to know more? Join us for the full liveblog experience at the times below:
06:00 - Hawaii
09:00 - Pacific
10:00 - Mountain
11:00 - Central
12:00 - Eastern
17:00 - London
18:00 - Paris
20:00 - Moscow
00:00 - Perth
00:00 - Shenzhen
01:00 - Tokyo (May 27th)
02:00 - Sydney (May 27th)
