Google and Sprint have partnered to release a new mobile payment system that uses Near Field Communication or NFC. Bloomberg reports that the service will be launched on May 26th and will be available on phones from Sprint.

The service will, at least initially, be available only on specially equipped Android phones from the carrier and will be compatible with NFC payment systems. The program is scheduled to begin in 5 cities including New York, San Francisco, Los Angeles, Chicago and Washington DC.

Near Field Communication is a method of transmitting data, usually payment information, across short distances. This translates to being able to wave your phone near an NFC payment device to pay for items at a store. Currently the NFC technology is available on Google’s Nexus S phone, available from Sprint.

Google has no comment on this report although it has sent out invitations for a press event in New York on May 26th.