Feb 20 AT 10:14 AM Evan Selleck 6 Comments

Google rumored to showcase new version of Wallet at I/O conference

image Google Wallet

This year’s Google I/O conference is scheduled to take place between May 28 and May 29, and while it’s usually a pretty big event, this year’s is beginning to sound like it might be particularly noteworthy, especially when it comes to mobile payments.

According to a new report from The Wall Street Journal, Google is looking to put a big focus on mobile payments as it launches a brand new version of Google Wallet at the event. Before the announcement, though, Google is reportedly working diligently behind the scenes to get not only phone manufacturers, but banks and other payment networks behind this new initiative. Indeed, it’s been rumored that Google is interested in purchasing Softcard, the mobile payments system that was initially put together by AT&T, Verizon and T-Mobile.

The report goes further, saying that Google is working with banks and other payment institutions to come up with a deal that’s similar to the one that Apple has in place for its own mobile payments service, Apple Pay. In that scenario, banks actually pay Apple a fee for each payment that’s processed through Pay, because Apple’s security measures actually reduce the fraud protection costs that banks have to pay.

Despite the fact that mobile payments have yet to really take off, but Apple’s own offering has seen plenty of attention since its launch in late 2014, Google’s focus on the idea is not completely out of left field. Wallet has been around for several years, so relaunching it to better compete with other offerings makes sense.

Have you ever used Google Wallet?

Source: The Wall Street Journal

Evan is a pretty big fan of technology, from phones to video game consoles and everything in between.

    Most Tweeted This Week

  • surethom

    Hopefully this will launch in the UK this time & include banks here aswel!! Prefer to use NFC phone than Contactless Halifax Bank card.

  • Andre

    I love Google Wallet!! I’ve been using it (wherever it’s accepted) and have really never had an issue – I really hope Google uses their might to get Wallet more widely accepted & used!

  • Dan Jones

    I’ve been using Tap and Pay through Google Wallet ever since I got my Nexus 6. It’s made shopping much more convenient.

  • dbareis

    I’d have used it it it was available

  • PaulJosaph

    Google Inc seeks to keep pace with Apple Inc by attempting to revive its “Wallet” service before the mobile payments department gets dominated by Apple Pay.

  • mat

    I live off my Google Wallet card. I love it, especially now that people can email me money :)