As expected, Google has launched the buy it now button in the mobile shopping results.
Google announced several updates to shopping within Google Search, including improving the mobile experience on Google to aid shoppers as they browse, compare, and research products. But testing Purchases on Google. Google said "when a shopper searches on mobile for a product such as “women's hoodies”, she may see a shopping ad with 'Buy on Google' text. After clicking the ad, she's taken to a retailer-branded product page hosted by Google. Checkout is seamless, simple, and secure, thanks to saved payment credentials in her Google Account."
Here is an animated GIF of it in action:
How do you sign up for this? You can't. Google is testing it with merchants they reach out to. So you got to wait for Google to reach out to you or wait until they decide to go live with this for more merchants.
Ginny Marvin has a lot more coverage and details on this at Marketing Land.
Forum discussion at WebmasterWorld and Google+.