This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Google Wallet, RIP?

Stocks in this article: GOOG

By Robert McGarvey

NEW YORK ( MainStreet)--The drumbeats announcing death are getting louder around Google Wallet, at least as regards its use at point of sale via smartphones. Multiple sources are predicting it will be "quietly" killed off.

The smoking gun that triggered the whispers was the May 8 ouster of Osama Bedier, the chief architect of the Wallet and its public face.

With Bedier out on the street, the word is that Google (GOOG) is pulling the plug on its point of sale edition of the wallet. Probably, guess several experts, Google will retain Google Wallet as an online buying tool (à la PayPal), and the company also recently announced integration of Google Wallet as a person to person payment tool inside Gmail (where money can be "attached" to an email).

Also see: NFC Is Dead, Long Live NFC

Emailing from the Google I/O conference last week, John Haro, CTO at mobile marketing company Vibes, said that there was important if indirect news about Wallet's future revealed at the conference. He elaborated: "Google's announcement about Wallet Objects APIs for offers and loyalty cards represents the first real expansion for Google into the non-payment areas of the digital wallet. The new technology aims to solve consumer convenience problems of managing paper coupons and loyalty cards in a way similar - at least on the surface - to Apple's Passbook."

That means Wallet is morphing into a kind of Passbook -- which if course lacks point of sale transaction tools -- and this, apparently, has consequences for the experiment at retail, where Google had hoped its Wallet would utilize Near Field Communication (NFC) purchases at merchants. (At filing time, Google had not responded to a request for comment.)

"There's no doubt in my mind they will kill this," said a senior analyst with a highly regarded technology research firm. He requested anonymity, because he was not authorized by his firm to speak on Google Wallet.

Also see: Why The Glacial Adoption of the Mobile Wallet?

"This space is immature," he elaborated. "Google has the resources to step back and sit this out. Three years from now, when mobile wallets at point of sale have matured as a category, they probably will buy their way into a front row seat with an acquisition."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs