News > FinTech

The rebirth of Google Wallet

By NexChange
FinTech

Rumors of the death of Google Wallet have been greatly exaggerated. While Google Wallet may have been supplanted by Android Pay, the internet giant’s latest NFC payment platform, the product will stick around as a P2P platform.

The new pared down app will focus only on sending money, offering the same functionality seen in the old Google Wallet app and Gmail's "attach money" feature in a standalone format. The pivot will put Google Wallet up against the likes of Square Cash and Venmo.

According to The Verge, all users will retain their original Google Wallet balances inside the new app. But only Android users can access Android Pay, meaning iPhone owners will be shut out from access to gift cards, loyalty programs, and promotional offers.

The re-launch coincides with the unveiling of Google Wallet's mobile payments successor which will be the bludgeon with which Google hopes to thwack Apple’s aspiration of mobile payments dominance. The new platform began rolling out in the US last week  and works with all with all NFC-enabled Android devices running KitKat 4.4 and above on all US mobile carriers. American Express, Discover, MasterCard, Visa, Citi, and Wells Fargo are said to be all aboard. 
Photo: Prairie Kittin

Subscribe to our Newsletter

Be one of the first to experience the future of financial services