Google Inc. plans to turn off its Google Wallet prepaid cards in October, according to several press reports. After letting other payment cards into its wallet, the company doesn’t see the need for prepaid cards.
The company recently changed how its mobile app stores payment cards, effectively moving payment card information from the device to its cloud, and allowing customers to use almost any credit or debit card. Previously, the Wallet app only supported Citi’s MasterCard and Google’s own prepaid cards.
These changes have led Google to begin phasing out prepaid cards, as they are no longer necessary. The company sent its users an email today with the deadlines for when it will stop accepting the cards.
The question remains what this will mean for adoption and use of Google Wallet. While the company’s goal is to get people to put their payment credentials onto mobile phones, some users may prefer a prepaid device that shields their primary credit and debit accounts from the risks of storing them on a mobile phone.
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