Google, Citi, MasterCard, First Data and Sprint have announced and demonstrated Google Wallet, "an app that will make your phone your wallet so you can tap, pay and save money and time while you shop. For businesses, Google Wallet is an opportunity to strengthen customer relationships by offering a faster, easier shopping experience with relevant deals, promotions and loyalty rewards."

“Today, we’ve joined with leaders in the industry to build the next generation of mobile commerce,” said Stephanie Tilenius, vice president, commerce and payments, Google. “With Citi, MasterCard, First Data and Sprint we’re building an open commerce ecosystem that for the first time will make it possible for you to pay with an NFC wallet and redeem consumer promotions all in one tap, while shopping offline.”

Google Wallet is currently in a field test and will be available to consumers this summer. The official site is www.google.com/wallet. The Google Wallet merchant acceptance site is www.firstdata.com/googlewallet.

If you missed the announcement — and all the Q&A — EnGadget was live blogging everything with photos. Nice job.

Sprint, VeriFone, and NXP all issued related announcements.

On the wires:

• MIFARE4Mobile Industry Group Announces Roadmap
• Pitney Bowes Announces International Ecommerce SuiteApp for NetSuite’s SuiteCloud Computing Platform
• Zuora Launches Z-NetSuite, Combining Cloud-based Subscription Management and ERP/Financials
• Hypercom Introduces Next Generation Network Technology for ISOs
• RocketPay to offer Planet Payment’s Multi-Currency Pricing Service
• ViVOtech Introduces POS Add-On NFC Reader for Delivering Personalized Shopping and Quick Check Out

On the web:

• NFC World: Google Raises Concerns Over the Viability of NFC card Emulation Mode for Mobile Payments (with Video)
• MSNBC: Crowded Coupon Industry Competes for Users

Seven players in the Near Field Communication (NFC) ecosystem, Ericsson, Gemalto, NXP, Oberthur Technologies, STMicroelectronics, Venyon, and ViVOtech have announced they are forming a MIFARE4Mobile Industry Group that will "enable its members to collaborate and work together to standardize and advance the uniform management of MIFARE™ applications on NFC-enabled secure elements, such as SIM cards, and mobile phones." READ MORE »

NXP and Trusted Logic have announced the release of an open source NFC Android API. According to the companies, "this will enable mobile phone users to access a new range of contactless applications such as mobile payments, transport and event ticketing as well as data sharing directly from their Android phones." READ MORE »

NXP and Giesecke & Devrient have announced the introduction of NXP’s new Fast Pay contactless security chip and a new line of G&D contactless payment devices based on this IC. According to the two companies, "Fast Pay-based devices have been specifically designed to provide consumers in the USA and Canada with a convenient and swift contactless payment solution – replacing the need for cash and reducing transaction times." READ MORE »