Google is working to revamp its Google Wallet service available for Android devices, after the growth of Apple Pay in its early days, according to a report from the Wall Street Journal. The Journal lays out the search giant’s plans, including word that it’s working to unveil a new version of Google Wallet in late May at the Google I/O developer conference.
Part of Google’s plan, according to the report, is to acquire the carrier-owned Softcard (formerly called Isis) for its mobile payment system. Google wants to wrangle together carriers, banks, and others to have Google Wallet found on every Android device. To make it worth it for each party, Google is reportedly willing to throw money at them to have Google Wallet on all devices.
Google Wallet has been available since 2011, but given the fragmentation of Android, it’s had trouble gaining full steam. While we’re still waiting on new numbers, ITG reported in December that Apple Pay is gaining ground quickly with a 1.7 percent share of the mobile payments market, since it launched in November, compared to Google Wallet’s 4 percent share.
Source: Wall Street Journal