Google Wallet to be Revived – Competition With Apple Pay is On
Google is working hard to revive its Wallet which has been the second best to Apple Pay, or pretty much any similar service. Considering the difference between Google and Apple’s mobile business, it won’t be easy for Google Wallet to bounce back. That’s because Google has less control over Android smartphones compared to what Apple has on its products.
Wireless operators and mobile makers are offering many variants of Android devices, with a range of different pre-loaded apps and content. Each company has it’s own interests and priorities, if Google makes changes in the interest of one company it will unsettle the rest.
Reports suggest that Google will be showing its overhauled Wallet service during I/O in a couple of months. Sources close to the matter claim that entities such as mobile makers, banks wireless carriers and other payment networks are in talks with Google regarding the new Wallet. It is also believed that Google will be offering them a bigger share of revenue.
What further makes this a daunting task for Google, is that many of the its partners have launched or are planning to launch their own payment services. Samsung is the biggest partner of Google in the smartphone business and they are planning to introduce their own payment service next month. Which isn’t good for Google and its Wallet by any means.
Samsung will be using the technology provided by LoopPay Inc., which is a startup Samsung bought recently. Sources close to the deal say Samsung saw little benefit of Wallet and decided to go with LoopPay instead.
On the other hand, Apple has plenty of control over its Apple Pay service. Apple CEO Tim Cook said this control is the reason Apple pay isn’t struggling. “Imagine trying to do this with several different companies. You’d be pulling your hair out,” he said.
Convincing partners and financial service companies won’t be an easy task for Google. They won’t be too interested unless Google holds more control over its own service.
Apple Pay is quickly becoming a hot feature for the iPhone and it is one of the reasons people buy Apple’s smartphones. Google surely has its hands full this time.