Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Google Inc (GOOGL) Bids Farewell to the Online Payments For Digital Products

Seeing a giant like Google Inc (NASDAQ:GOOGL) concede defeat is perhaps as rare an occasion as sighting Halley’s comet. I mean the company is making drones and tablets for diagnosing and curing cancers. What could possibly be beyond their reach? On CNBC Re/code’s Kara Swisher discussed why Google Wallet is one such simple product that the company is not willing to reach out to anymore.

Google Inc (NASDAQ:GOOG)

“[…] I think its failure of focus probably. Google Inc (NASDAQ:GOOGL) was doing a 109 other things and this was an area where they tried a variety of things in and again they had a lot of management turmoil here and it’s not in their core business […],” said Swisher.

Traction was a major factor, according to Swisher, that has led to Google Inc (NASDAQ:GOOGL) rolling back its product. She also explained further the upheavals that Google Wallet was facing in terms of management issues.

“[…] It is saying that no one is using the Google Wallet. That is what it is saying. I mean it is a product that didn’t get any traction and Google Inc (NASDAQ:GOOGL)  has been trying a variety of executives and a variety of attempts and things like that, and they just haven’t been able to make any ground here, so they have given up,” remarked Swisher.

It is important to understand that this doesn’t mean that Google Inc (NASDAQ:GOOGL) is exiting the mobile payments market. The tech giant is much  more shrewd than announcing a move like that, which would be similar to running down the edge of a cliff. The mobile payments market is too young for a move like that.

By mobile payments, I mean the NFC based payments and in app payments. These sort of transactions can still be carried out. However, online transactions involving digital products such as e-magazines etc. can no longer be completed using Google Wallet. PayPal will remain the uncrowned king in that sphere.

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!