"MasterCard has pioneered mobile payments with our PayPass technology and we're proud that it is at the heart of Google Wallet, " said Ed McLaughlin, chief emerging payments officer, MasterCard.

ENGADGET: Google Wallet mobile payment service, Google Offers announced

For MasterCard, its MasterPass platform is an "opportunity to get at the 85%" of global transactions that are paid for with cash and checks, said Ed McLaughlin, the company's chief emerging-payments officer.

WSJ: Card Networks Take on Plastic With Mobile Platforms