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Google, Inc. is gearing up to release its newest application, Google Wallet. Last week in New York, the search engine giant presented a demonstration of the new mobile app that will allow users to use their smartphones like a wallet.

With more and more consumers using plastic cards as a means to pay for products, Google Wallet may just be the next big step in mobile payment technology. With the new application, consumers will be able to pay for products at retail stores around the world.

According to Google, the new service will use Near Field Communication (NFC), a short-range wireless communication technology that “enables data transmission between two objects when they are brought within a few inches of each other.”