Report: Google aims to launch revamped Wallet service at I/O, may pay carriers more

Google (NASDAQ: GOOG) hopes to unveil a new mobile payments service at its I/O developer conference at the end of May, according to a Wall Street Journal article.

The report, citing unnamed sources familiar with the matter, said Google is trying to work with a host of carriers, OEMs, banks and payment networks to craft a new version of its Google Wallet payment service, in some cases by offering more revenue. However, because of the fractious nature of the Android ecosystem, with varying software versions and devices on different carriers, Google has had a more difficult time than Apple (NASDAQ: AAPL) in creating a cohesive mobile payments ecosystem.

Further complicating matters, Samsung Electronics, the largest Android device maker, just purchased mobile payment startup LoopPay and said it will integrate the company's technology into future devices.

A Google spokeswoman declined to comment, according to the Journal. However, Omid Kordestani, Google's chief business officer, told investors last month that Google is working on a "fully functional payment system" that goes "beyond just tap and pay." Article (sub. req.)

The WSJ report is notable considering Google earlier this year was reportedly in talks to acquire Softcard, the mobile payments joint venture backed by Verizon Wireless (NYSE: VZ), AT&T Mobility (NYSE:T) and T-Mobile US (NYSE:TMUS).

Suggested Articles

The FCC today voted unanimously to advance a proposal to reallocate the 5.9 GHz band to both unlicensed and C-V2X technologies.

Raymond James lowered its odds of the T-Mobile/Sprint deal getting approved from 85% to 55%.

The last of a six-part series attempts to round up the observations and the roadmap for the coming decade.