MOUNTAINVIEW, Calif.—Google has launched Google Wallet, the company’s fourth rebrand of its payment system, bringing back the original name that existed from 2011 to 2015.
The system was renamed as Android Pay in 2015, then became Google Pay in 2018, before returning to the Wallet brand. Google Pay has been on the market for a little more than a year and will remain in the U.S. even with the return of Google Wallet, Pymnts.com reported.
According to the report, the 2021 release of Google Pay led to a mass exodus of Google employees and the cancellation of public plans to roll out Google bank accounts.
Behind the scenes, Google Play Services handles the service’s tap-and-pay functionality, while in the U.S., Google Pay will handle peer-to-peer (P2P) payments. Google Wallet can also hold loyalty cards and operate as a shortcut for Google Play Services, Pymnts.com said.
“The fledgling new version of Google Wallet features an NFC card interface, a robust loyalty card search capability and a metro card search function, and the service will focus on some of the non-financial parts of the offering in the future,” Pymnts.com stated. “That includes adding student IDs, COVID-19 vaccination cards and eventually offering support for digital driver’s licenses and car keys.”
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