Google Wallet, Google’s mobile payments technology, has been released for use by the general public following a trialling of the system.

Google Wallet is a potentially revolutionary system that could turn people's mobile phones into digital wallets, replacing things like debit and credit cards, by putting a special chip into phones which can then be used at shop tills as a method of payment. In essence, it can be used like an Oyster card – you buy credit for your chip, or link it to a credit card, and then use it at petrol stations, food outlets or in high street shops.

The system has trialled in New York and San Francisco since May. Around 1,000 employees of Google and its partners such as Mastercard and Macy’s department store have been involved. In order to use Google Wallet, customers have to either use pre-paid Google cards or sign up to a Citi Mastercard account.

It is currently available to users of Samsung’s Sprint Nexus S phone, which uses Google’s Android platform, and the chips will also be integrated into Google’s next Nexus phone, due for release later this year. There are also plans, Google says, to make the Wallet app available on a far greater number of handsets in the not too distant future.

The great appeal of the system is that it can consolidate your credit card, loyalty cards and coupons into one chip which can be used with a single tap on a chip reader at any participating store. Chains currently compatible with Google Wallet in the UK include Tesco, Boots and Burger King.

Google says: “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.”

Still in its infancy, the Google Wallet has a long way to go before it has the level of impact many believe it can one day have. Issues of security if one was to lose their phone are pressing concerns, even with the PIN defence Google Wallet has in place. Moreover, implementation on a much wider scale, both in terms of devices using it and shops with Wallet readers, is also necessary.