Google’s just announced on its Wallet for Business support site that it is retiring the Wallet payment system for digital goods on third-party sites. This leaves developers and online merchants having to seek alternative payment processing systems before 2 March, when the service officially retires.
Eventually the end of Wallet?
In its announcement, Google did not give a particular reason for the move. Instead it stated: “The industry has matured a lot since (Wallet’s inception), providing a number of alternative payment solutions to choose from.”
Being all gung-ho about a new service and then quietly removing it isn’t exactly new for Google. Though the question arising will be why Google is pulling back from payment systems when Apple is pretty much going full steam ahead.
With Android still being the market share leader in the smartphone space, there would have been a big potential market for Wallet though it hasn’t exactly been adopted as fast as the company would like.
Google shrinking its ambitions for Wallet and making it a Google-only payment wall might perhaps be a good thing for the company, leaving it free to divert resources to other endeavours. Other providers, like PayPal, will probably stand to gain from the move.
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