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Google Wallet turns your smartphone into a mobile payment machine. Here's everything you're itching to know about the new mobile service.

Google's hoping you're ready to put your money where your phone is.
Yeah--you read that right. Google announced the launch of a new mobile payment system called "Google Wallet" on Thursday. The service lets you store your credit cards inside your smartphone, then use the device to make contact-free payments. All you do is wave your phone in front of a special sensor, and--hocus pocus!--the payment is made.