Google isn't quite ready to throw in the towel now that Apple Pay is taking off. That's according to a WSJ report, stating that Google plans to revive its Wallet payment platform for a re-launch at Google I/O later this year. The company is also going all out with its revival plans, bringing device makers, wireless carriers, banks and other payment networks in tow.
How can Google attract said parties to its own service? The report, citing people familiar with the matter, reveals Google may be willing to part with larger shares of revenue just to get Wallet off the ground and back onto a level playing field with Apple. The company is also in talks with banks, Visa and MasterCard with the aim to bring the service to the masses with better support and integration.
In talks with the carriers, Google is offering to pay them to feature Wallet prominently on their Android phones and is dangling the promise of more revenue from advertising tied to Google searches made on the phones, according to the people familiar with the matter. For Google, one big benefit of having a popular Wallet app would be the data it could collect on consumer purchases, which would give the company something besides website clicks to demonstrate the effectiveness of its ads. That could drive up ad prices, and carriers would share in the gains.
It will also be interesting to see how Google partners with Samsung, the largest Android OEM, especially given the Taiwanese company just acquired LoopPay. We'll have to see what the company will have to announce at Google I/O come May. For now, at least, it appears as though Google is really thinking hard on Wallet.
One thing's for sure, Google has to take payments seriously if the company wants to protect its ecosystem from Apple Pay.
Source: Wall Street Journal