The Google Wallet is here, well, it is over at google.com/wallet.
If you have a Sprint Nexus S 4G phone, you should see the "Wallet" icon on your device. Other devices will get it soon, but they need near field communication (NFC) built into the device, which many new phones are coming with.
What is it? Here is a quick video from Google explaining:
There have been rumors about this service since 2005 and now it is finally here.
Forum discussion at WebmasterWorld, where one user said "goog can stay far away from my wallet."