Google Wallet Likely to Be Announced Today

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According to a document circulating to partners, Google Wallet is likely to be announced at some point today.

Google Wallet is an app that gives smartphone owners the ability to “make your phone your wallet”—at least if you own Sprint’s Nexus S 4G, the only NFC-enabled Android phone available for the service’s limited launch here in the U.S.

(MORE: Google Wallet is Coming: Don’t Be Afraid)

The system works by first attaching your Citi Mastercard or Google Debit Card (which you can sync to a bank account) to the app. You’ll then be able to tap your card on a PayPass-enabled terminal to transfer money—after setting safeguards like a PIN number and a spending limit, of course. CNET points out that in addition to NFC payment features you’ll be able to store things like “gift cards from participating merchants” and loyalty cards for businesses you shop at most frequently.

According to the Google Wallet microsite, companies like Subway, Jamba Juice, Radioshack, Foot Locker, Bloomingdale’s, Walgreens and more are already on board with the program.

Google Wallet was announced back in May and was originally anticipated to launch at some point this summer. TechCrunch points out that an announcement today would make sense before the company’s next flagship Android phone launches next month: the Nexus Prime.

We’ll keep you updated as the story progresses, but until then, check out the Google Wallet teaser posted last month starring Seinfeld‘s George Costanza:

Read more about Google Wallet here.

MORE: How Google’s Wallet System Works

Chris Gayomali is a reporter at TIME. Find him on Twitter at @chrigz, on Facebook, or on Google+. You can also continue the discussion on TIME’s Facebook page and on Twitter at @TIME.

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