Magento right now have google checkout integration, which can be found on admin panel.
system->configuration->sales(tab)->Google API.
But it is confirmed that Google is shutting down its checkout feature on November 20, 2013. For the website selling physical goods we cannot use Google Wallet feature also as Google Wallet will only entertain payments for digital goods.
So we have to go for other payment methods like Amazon, Paypal etc.
More Info: Google checkout wiki, Magento forum
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