Google Is Killing the Wallet Card

Google Reports Quarterly Earnings
MOUNTAIN VIEW, CA - JANUARY 30: A sign is posted on the exterior of Google headquarters on January 30, 2014 in Mountain View, California. Google reported a 17 percent rise in fourth quarter earnings with profits of $3.38 billion, or $9.90 a share compared to $2.9 billion, or $8.62 per share one year ago. (Photo by Justin Sullivan/Getty Images)
Photograph by Justin Sullivan — Getty Images

After over two years of the Wallet card, Google is shuttering the physical arm of its Google Wallet product, a payment service that allows users to pay each other.

In a very short blog post, Google (GOOG) announced that it wanted to focus on its peer to peer payment app instead. Google still has a pay-at-the-register option called Android Pay, but this eschews the card altogether—a user simply places their phone next to a terminal at the register instead of swiping.

Google pointed its erstwhile card users to American Express and Simple debit card accounts as an alternative.

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The card will officially be retired at the end of June, and any transactions after that will not be completed—including recurring transactions—although pending ones will still go through. None of this will affect your Google Wallet balance, however.

The reason behind this is likely a cost cutting measure, as Google lost money in credit card fees with every transaction, according to a 2013 study.

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