Google has a new digital wallet that so far is only available on Android. Called Google Wallet, the new platform will co-exist with Google Pay (GPay), the company's existing popular cross-platform e-wallet.
At the moment, GPay and Google Wallet will provide alternative services. Google says GPay will retain its features and continue to operate. The company does not say what the long-term plan is or if there will be a merger between the two e-wallets in the future.
It is worth noting that Google Wallet is not a new brand. The app has been around for some time, but it seems Google has completely overhauled the service as a new offering. Google says the new version will launch this month but so far it seems limited to just a few devices.
Google sees Wallet as a one-stop shop for managing payments on physical devices. That means becoming the main Google destination for credit and debit cards, while also potentially buying travel tickets and vaccination records. That would leave Google Pay as a purely digital transaction platform.
GPay has often been sold as a cardless and contactless payment service for phones. However, it is unclear if Google will one day want a unified service that handles both. Whether that is GPay folding into Google Wallet or the other way around.
GPay is the main competitor to Apple Pay, so Google may be reluctant to lose the branding. Google Wallet is currently not positioning itself as a direct rival to Apple's service.
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