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This seems to be the reason CFO Ruth Porat decided to put an end to the money losing product.Īt present, Google has a Zacks Rank #3 (Hold). Android Pay now serves this purpose and for in-app purchases, one can use the Google Wallet mobile app. The decision to drop support for this card makes sense because Google Wallet service is no longer required for making in-store payments with Android devices. The prepaid debit card was launched back in Nov 2013 and allowed users to make payments for online and in-person purchases made using Google Wallet account balance.
Wallet card holders have received an e-mail from Google which reads “we want to focus on making it easier than ever to send and receive money with the Google Wallet app.” In the email, Google mentioned that it has added new features to Google Wallet mobile app, which allows users to send money using just the phone number of the recipient and cash out quickly with a debit card. Google stated that those signing up with Simple or American Express will get an additional bonus. STEP 2 Enter the amount you want to send. You can send or request money from your friends right out of the contacts in your smartphone. See how to send STEP 1 Look up friends from your contacts. For those who seek replacement of their Wallet Cards, Google has recommended Simple and American Express who offer similar type of services. Enroll your mobile number and Visa or Mastercard debit card so you can start sending and receiving money.
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