Google released some more information about it new SMS payment system using mobile phones. The Text Message Payment patent, filed on February 28th 2006, details how text messages could be used to pay for goods from vending machines and retailers as well as secure methods for validating larger payment amounts.
First Google's wanting to buy the new frequesncy and then releasing more and more application for wireless phones makes it more eminent that the launch date for the google phone and gphone is really soon. Google just making its applications ready to get into a highly competitive market.
The abstract discusses a "computer-implemented method of effectuating an electronic on-line payment" while the patent talks about how the system will work and why it is useful: