The leading online search engine, Google has hopped into the band wagon of payment offering mobile phones, by offering the consumers the opportunity to leave their wallet at home and start using their mobile phones instead to make payments.

Google unveiled on Thursday, its plans to turn the Android mobile handset of the company into Google wallet. Google had announced its plans at a press conference at the New York office of its where it was joined by MasterCard and Citibank.

The new Android mobile phone of Google that can be converted into a wallet is complemented with an application that allows the users to carry out wave-and-pay purchases at stores across the country.

The customers according to the new development will be allowed to wave their mobile phone in front of a payment signal reader for making the payment, instead of swiping a card for making the payment.

Nevertheless, only high end customers of Citibank are allowed initially to use the mobile phones that are compatible with the new technology. These phones will be directly linked to the owner's debit or credit cards.