There's been rumors of a Google-fied mobile payment system for some time, and now it looks like the Mountain View crew is teaming up with Sprint to finally make it happen. Last month, we heard that the Now Network would bring NFC payments to its customers this year, and Bloomberg reports that the partnership and payment system will make its debut on May 26th. Apparently, New York, San Francisco, Los Angeles, Chicago, and Washington D.C. are the first cities getting the service, which is a much broader initial footprint than its Isis mobile payment competition. The anonymous sources also say that Verifone and Vivotech are providing the hardware and software that will let you replace your credit card with a Nexus S -- because you always wanted to replace your credit card with your Nexus S.

Update: According to All things D, the payment system will be put through its paces by none other than El Goog's Executive Chairman Eric Schmidt at the D9: All Things Digital conference next week -- where we'll be on hand to peep the contactless payment presentation in person.

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Google and Sprint team up to take your digital dollars with new NFC payment system? (updated)