Ever wish you can swipe as you go, literally, when it comes to paying?

Google unveiled such a system Thursday, and this new payment method allows mobile phones to be swiped like a credit card, allowing goods to be paid for on the spot. This means your phone becomes your wallet.

Google has partnered with Citibank and MasterCard Inc, the world's second largest credit and debit card network, for the project. Over 120,000 shops participate in this service, including giants like Macy's, Subway, Toys 'R' Us and more.

We're extending an open invitation to merchants and ecosystem partners like payment networks, carriers and banks to join us in creating tomorrow's best shopping experience, said Stephanie Tilenius, vice president of commerce for Google.