This is Google's new wireless phone service: Project Fi

Google just announced Project Fi, its new wireless phone service. The company is partnering with T-Mobile and Sprint for the new project.

Project Fi is a bit like a traditional carrier plan you would get from a AT&T, Verizon, Sprint, or any other provider, except Google is focusing on two key areas: making it easier to switch between Wi-Fi and cellular, and helping you to only pay for the data you actually use.

For example, when you're using Project Fi, the service will automatically connect you to whichever network is fastest and within range. So, if you're using cellular but there's a faster Wi-Fi service nearby, it will automatically switch, and vice versa. Google also says it uses encryption to protect your data once your device is connected.

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And, Google also says it will credit you for unused data that you've already paid for once your cycle is up. That's the big advantage you can't get with a wireless carrier today.

The announcement comes just after The Wall Street Journal reported that Google would reveal its new carrier-like phone service on Wednesday.

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