Google has been the most innovative company in the world for a few years now. They have been changing our lives with their products and services. However, that all changed when they officially announced they will not be going ahead with their plan for a mobile banking app in their Pay app.
This is a huge setback for Google as it was planning to enter into a new market and disrupt an already established industry.
Google’s decision to not continue with its plans means that there is less competition in the industry, which will make it easier for other companies to gain more market share or increase prices.
The move is not surprising as Google has been struggling to push beyond its current products and services.
Google announced that they will be shutting down the mobile payments service, the previously called Google Wallet.
Google has been working on this product for a few years now and it was only released in 2011. The Verge reported that the company will be ending support for all prepaid cards except those issued by American Express. Users of the service were given an email from Google stating their decision to end support for this product, and they were asked to transfer their funds before May 1st of this year.
“We’re updating our approach to focus primarily on delivering digital enablement for banks and other financial service providers rather than us serving as provider of these services,” said the spokesperson.