Google’s Secret Press Conference: Live Coverage

Google (NASDAQ:GOOG) has some big news today. Rumors include more details about mobile payments, but who knows.

If you want to be the first to get out of the Matrix, join us here at 12:00PM ET/9:00 AM PT as Wall St. Cheat Sheet Assistant Editor Xander Schachtel will provide you with fun, LIVE coverage of Google’s press conference.

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Wall St. Cheat Sheet Assistant Editor Xander Schachtel on the beat. If you have questions or comments, feel free to join the conversation in the comments section below.

1:01: “We expect to release Google Wallet this summer,” says Titelius. Conference Closes.

1:00: Stephanie Titelius (Google) returns, thanks everyone, shows another video of retail side of transaction…features interviews with Management at Walgreens, American Eagle, Subway, Macy’s… “We think Google Wallet will be a home run with customers,” -VP of Mktg. at Subway

12:57: It will take some time to get this technology on all of our phones, but Nexus 4 S works with it right now. Sprint is happy to be first phone service provider to get on board with NFC tech.

12:55: Talks about history of relationship w/google. Importance of “open” for consumers.

12:52: First Data is working on enabling merchants to use phone…introducing Fareed Habid, Chief Tech. Officer at Sprint

12:50: First Data has 4 million locations in US that process electronic payments, (company processes 40 billion payments/yr), relationships with over 700k financial institutions.

12:48 Ed Mcree: President of First Data takes stage

12:47: “Once consumers experience the speed and convenience of tapping, they never go back.”

12:45: Ed Mcloughlin, Mastercard, returns

12:44: 3) Significance of today: we are at the starting point of mobile payments capabilities… already working with global collaborators in helping to incorporate mobile tech to their businesses

12:42: 2) Increasing convergence of banking, technology, and information in creating customer value/business models. Citi is committed to leveraging this new tech to deliver better customer experience. “Google wallet represents true innovation.”

12:40: (Paul Galant, Citi, on stage) “We are proud to be the first back to lead wide commercialization of NFC payments in the United States.” 3 Key messages, 1) strategic importance of digital money and mobile payments to banking industry…Citi wants to be “the world’s digital bank.”

12:38: Even small businesses can put offers and loyalty programs into your “google wallet.” “Security will color how we develop and open up this platform.” (Citi, Mastercard, First Data, and Sprint reps to take stage next)

12:36: Bedeir asks banks, providers, etc, to help google add to “open commerce ecosystem.” “Open is who we are at google, open solutions drive competition, innovation, consumer choice, and exponential growth, we focus on user and all else will follow.”

12:33: Google Shows “Mobile Commerce Vision” vid. Very cheesy video, demonstrates potential uses of phone, features actors shopping, etc.

12:32: Bedeir returns to stage.

12:31: In the fall, will be able to store digital receipts in wallet, add digital card signups, possible game promotions

12:30: Johnathan Wall, (C0-Engineer of Google Wallet), takes stage, talks about “single-tap” tech. Says innovations in the technology will continue.

12:29: Mccormack and Bedier simulate retail transaction over pair of denim shorts. Bedeir touches phone to payment scanner and it goes through successfully. Very cool.

12:27: Beth Mccormack (American Eagle) joins Bedeir on stage

12:23: Osama Bedeir (VP of Google Payments) returns, to tour shopping experience with phone. Demonstrates how Google Offers works (essentially saves coupons to wallets for later use, also can add rewards cards to wallet from individual retailers)

12:22: NFC only activates when wallet is unlocked. Wallet is sub-feature of phone that you turn on/off.

12:21: Phone includes chip (where credit card info is stored) secured with 1) laser protection 2) special “secret sauce” provided by bank that is unique to individual accounts

12:20: Rob von Barron (Engineer on Wallet Project) takes stage, to talk about security

12:19: Multiple cards will be accessible on each phone.

12:17: Information I enter in the phone is sent to the bank, where they verify my info from their records. Then they send my account information to a trusted service manager, after that we provision a credit card to the phone account, a “world first that will change the way credit cards are issued.”

12:16:  What do you do with the phone? 1) Attach Wallet to Google Account (link to email on phone) 2) Setup a Pin 3) Add credit Card info to database on phone.

12:15: “This is not just an announcement, it is a real, ready, product.” Bedeir to demo wallet application features on Nexus S phone.

12:14: Osama Bedeir (VP of Google Payments) takes stage

12:12: Google Offers, second big release is announced.

12:11: Google Wallet will be supported by Citi Mastercard. “A wallet you can lock, multiple lvls of security. 1) credit card info, 2) PIN 3) lock/pass on phone.” Works w/Mastercard’s paypass network. Starting field testing in San Fran and New York

12:09: How do we deliver on this vision? 1. Google Wallet “Your phone becomes your wallet” 2. Google Offers

12:08: Walkthrough of shopping on consumer side. I walk through supermarket, fill my shopping cart, tap phone to pay at register, receipt and rewards come through phones. Shopping on merchant side, “much stronger relationship” possible through increased info on customer and rewards offerings.

12:07: Stephanie Titelius (Google) takes the stage again. “2011+ to be the age of mobile commerce,”

12:05: “Today, over 120k merchants in the US are ready for ‘the google wallet.’ ”

12:04: Ed Mcloughlin (Mastercard) takes the stage. Talks about 03′ trials that tested paypass tech on phones.

12:03: “We [google] are about to embark in a new era of commerce, bringing online/offline commerce together.”

12:02: Ecommerce still only 8% of total retail? Why? “Shopping experience has not yet been transformed by technology”

12:01PM: “ecommerce is evolving,” every branded and consumer experience off-line, is coming on-line. “Today over 70% of consumers transact online”

12:00PM: Conference opens