The buzz for awhile now is that your smartphone will also become your wallet. That day is just about here.

Google today introduced what many had expected: a mobile payments system that marries a mobile phone, a mobile app, your credit card, and a new technology called "near field communication." (aka NFC)

The whole offering is called Google Wallet.

Basically, with phones that have the NFC chip, you'll be able to wave your phone -- like a magic spending wand! -- and plunk stuff on your virtual credit card. Google Wallet will also automatically ding you with coupons and loyalty points for whatever consumer programs you're signed up with.

Citi, Mastercard, First Data and Sprint are the partners on the effort with Google. If you use Mastercard's PayPass technology, then you can use Google Wallet, too.

Don't be surprised, dear reader, to see other mobile wallet solutions coming your way in the next year. Visa and AmEx have their own plans cooking. And who knows what Apple really has planned for its iPhone/iPod Touch/iPad junta.

Want to know more about the mobile payment scene? Here's a story I wrote last week about Micros Systems Inc. of Columbia, Md. rolling out a mobile payment app for restaurants.