Internet search titan Google has launched 'Google Wallet', an application that enables users to make payments through their phone. Google, which had first announced the application in May this year, said the application will initially be available only on the Nexus S 4G phone, with Sprint.

"We have been testing it extensively, and today we are releasing the first version of the 'app' to Sprint. That means we are beginning to roll out Google Wallet to all Sprint Nexus S 4G phones through an over-the-air update- just look for the 'Wallet' app," Google Vice President of Payments Osama Bedier said in the company's official blog.

Google Wallet enables users to pay with their Citi MasterCard credit card and the Google Prepaid Card, which can be funded with any of the existing plastic credit cards.

Early adopters, who would set up Google Wallet on their phones before the end of the year would add a USD 10 free bonus to the Google Prepaid Card.

Besides, Google said it will add Visa, Discover and American Express to its payment system that could enable their cards to be added to future versions of Google Wallet.

"Our goal is to make it possible for you to add all of your payment cards to Google Wallet, so you can say goodbye to even the biggest traditional wallets," Bedier added.