Improved benefits come to Google Wallet

In the near future, consumers who use their smartphones loaded with near-field communications technology to handle their credit card debt may be able to earn greater rewards for making purchases on these mobile payment systems.

Google is working to expand the benefits associated with its mobile payment system known as Wallet, allowing consumers to search for, store and redeem coupons for select participating retailers, as well as rack up rewards points, according to a report from CIO Today. A number of major national chains are participating in the expanded service, and several others will soon begin accepting Google Wallet's tap-to-pay purchasing system known as SingleTap as well.

The problem for Google is that currently just one phone available in the U.S. – the Sprint Nexus S 4G – has the NFC technology necessary to complete such a transaction, the report said. It is believed, however, that a large number of NFC-ready devices will soon be available.

Analysts predict that NFC mobile payments will soon become extremely popular, climbing to an annual value of about $44 billion within the next few years.