The handsets need to be equipped with chips that support the wireless communication technology Near Field Communication (NFC).

FORBES: How AT&T, T-Mobile And Verizon's Mobile Payment App Will Work

Though both services concern cellphones and the wireless communications technology known as Near Field Communication (NFC), there are key differences.

FORBES: Sprint Recruiting 'Mobile Wallet' Developers To Outrun Rivals

And Google Wallet, first announced two years ago, has struggled to get wireless carriers and phone manufacturers to install what is called near-field communication technology.

FORBES: Google To Allow Gmail Users To Send Money Via Email