Google has finally debuted its new mobile payment platform, dubbed Google Wallet.

The practical idea behind the new platform is that users will be able to use their phones to make payments in retail outlets. New phones with Google Wallet support, provided by a near field communications chip, should allow consumers to make hassle free payments at compatible checkouts in retail chains.

The first phone to offer Google Wallet compatibility is Sprint’s Nexus S 4G, but more phones are expected to follow suit soon. Of course, it will take quite a will for the new standard to proliferate and the US will lead the way as usual.

Google has already announced partnerships with Macy’s, Toys ‘R Us, Walgreens and other US retailers. If the concept takes off, Google plans to introduce new features, such as various IDs and coupons that could be stored on smartphones.

It also sounds like a pretty good way of distributing food stamps.