Google has announced the first release of its mobile payment system, in partnership with MasterCard.

Google Wallet was officially unveiled earlier this year and now it has arrived, with owners of the Sprint Nexus S 4G the first able to test it out. An update will enable the use of the Google Wallet app and once it has been installed, the phone can be used to make payments at over 300,000 PayPass locations around the globe.

With Google Wallet, you can pay with your Citi MasterCard credit card and the Google Prepaid Card, which you can add funds to using any of your existing credit cards. As a ‘thank you' to those who try out the app in these early stages, Google is adding $10 to the Google Prepaid Card for people who set it up in Google Wallet before the end of the year. The Google Wallet will be added to more phones in the future, and you can watch a demo of the mobile payment technology in action here:

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