The mobile wallet will work at any of the 124,000 merchants that accept MasterCard’s PayPass terminals, which take contactless payments, and more than 300,000 merchants outside the United States. The wallet is powered by a technology called near-field communications, which is incorporated into a chip in mobile phones and sends a message to the merchants’ terminals. “Eventually, you will be able to put everything in your wallet,” Stephanie Tilenius, vice president for commerce at Google, said at a news conference. That grand vision will take a while to come to fruition. Various players have been working on mobile wallets for years, but they have not gained traction because the companies have not been able to agree on how they would be paid or who would control the wallets. Cellular carriers, banks, credit card issuers, payment networks and technology companies all have a stake in this battle. Get the full story at The New York Times