Yesterday Google announced its debut of "wave and pay" technology that will let consumers carrying Nexus S 4G phones (a Sprint network device) use their phone as a credit card substitute for payments on the fly.

A near field communication chip inside the phone will store payment information. Merchants including Walgreen's, Subway and Macy's have already signed up for the system.

Payments may be linked by the phone owner to a Citi MasterCard. Users will also be able to fund their Google Wallet balance with any other credit card.

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