As mobile wallets push for global domination, Google Wallet, the collaboration between Google and Citi MasterCard Worldwide, is rumored to be launching today.  Though some deem the release a bit late in the game as there are already other services that offer cardless transactions, NFC payments haven’t been utilized as much since consumers are still questioning the security in using this technology.

Last week, MasterCard released a demo video on how to use the Google Wallet installed in Sprint’s Nexus S 4G at any retail store that has a PayPass Station, a gadget where you tap you mobile device to make payment.  The process happens instantaneously–after you tap your device, it automatically chooses your Citi MasterCard, no need to enter anything else. Then your transaction is confirmed immediately via text message, as well as in-app notifications.  The good thing about this is you can set a spending limit or a spending category so you don’t have to worry going beyond what you intend to pay for.  Upon Google Wallet’s release, it would be available for Android users only at AT&T, Verizon and T-Mobile backed mobile payment rival, ISIS.

Additionally Google also has their own take on QR codes with their QkR platform, which is still on its testing phase at the MasterCard Labs.  This is another alternative to on-the-go payments and purchasing, as they aim to eliminate the need to go to the checkout counter when buying something, or allow customers to order, use coupons and make payments without having to leave their seats.   But what makes this platform different from the rest has something to do with the Xbox Kinect influence, as it utilizes the gesture recognition technology.  Items could be selected on-screen by holding your hand over an item and navigating through the checkout process.

The use of mobile wallets is aimed to help make shopping as convenient as possible for consumers by eliminating the need to bring your card everywhere you go, and also to eliminate the need to wait in line at checkout counters.  This technology would be extremely handy as the holiday rush is fast approaching.