Google introduced to the world their first Paypal type smartphone app called Google Wallet with Seinfeld star George Costanza. The service is not live as of yet but you can signup at http://www.google.com/wallet/ and get notified when it goes live. “Tap, pay, and save with Google Wallet” is the phrase and “Make your phone your wallet” is the slogan. You better figure out where it works before you buy anything. Go to http://www.google.com/wallet/where-it-works.html and type in your zip code.

Look for the Google Wallet Symbol soon:

Google Wallet has been designed for an open commerce ecosystem. It will eventually hold many if not all of the cards you keep in your leather wallet today. And because Google Wallet is a mobile app, it will be able to do more than a regular wallet ever could, like storing thousands of payment cards and Google Offers but without the bulk. Eventually your loyalty cards, gift cards, receipts, boarding passes, tickets, even your keys will be seamlessly synced to your Google Wallet. And every offer and loyalty point will be redeemed automatically with a single tap via NFC.

Google Wallets First Customer!

When it launches, you’ll be able to use Citi® MasterCard® cards and the Google Prepaid Card with Google Wallet. You’ll be able to tap to pay at hundreds of thousands of merchants.

At launch, Google Wallet will be compatible with Nexus S 4G by Google, available on Sprint. Over time, they plan on expanding support to more phones.