In addition, there will be a range of complementary applications for the technology that users will be able to download, Shiliaski noted. Google Wallets will initially offer the ability to store electronic coupons that can be redeemed at retail outlets, he said. Later this year, MasterCard's inControl will be available for download, he added. InControl is designed to let parents or employers establish parameters for when, where and how their cards are used. Users will get text messages, for example, when certain limits are met.

Major retailers including Macy's, Walgreens, Subway, Noah's Bagels, American Eagle, Bloomingdale's, Peet's Coffee and Toys 'R' Us have signed up to work with Google Wallet.

MasterCard also opened the kimono on a number of projects cooked up by the MasterCard Labs, established after the financial services giant acquired Dublin-based OrbisComm in 2009.

The projects demonstrated Thursday focused on the company's QkR platform, technology that embraces motion and audio signals as well as touch to allow for a range of applications. One application demonstrated Thursday allowed a phone user to scan a rebate coupon and share it via Facebook or Twitter.

"This allows for a different type of viral marketing, where people using this technology and sharing information with friends can get additional rebates," said Garry Lyons, chief innovation officer at MasterCard.