Google has unveiled Google wallet, digital wallet system, which replaces the traditional card swiping, using NFC technology. Google has partnered with Citibank, Mastercard & retailers to implement this technology. Using mobile phones as a credit card has tremoundous future & several compnaies are in the race for this. Google will get access to huge customer data & this will give Google first mover advantage in this field. Visa is also planning to introduce such digital wallet. It doesnt remove the chains like bank, card processer, retailers & others involved.