Google has released its wallet on the Nexus S 4G on Sprint in the US. The product will roll out on other carriers and devices soon. The initial version of its Android app looks very promising even though it is incomplete and will undergo a lot of development. It allows users to add credit cards (or use Google’s prepaid MasterCard) and add loyalty and gift cards for various stores (the current version only has American Eagle). When you make a purchase, it would first use the gift card balance, then pay the balance with a selected (or default) credit card. It should also scan the loyalty card automatically though this has not yet been tested.
Here is a video of Google wallet in action: [Engadget] A week with Google Wallet