Google Wallet Has a Hole In It: 5 Things to Know for the Week

Simon Zhen

Posted on Mon Jun 10, 2013

Google Wallet - 1

For Google, the race to dominate the mobile payments industry is proving to be quite expensive. Although hundreds of millions of dollars were spent to buy digital startups to complement Google Wallet, there’s little to show for it.

  • Some stores in SoHo are revolutionizing the way consumers shop in the future. One company turned its storefront into an efficient showroom that doesn’t use storage space. Instead, customers view merchandise in the store and purchases are processed online. Couriers deliver goods within one hour to Manhattan or Brooklyn.
  • On Tuesday, Incredible Bank will begin charging a $15 monthly fee for its interest checking account. The fee can be waived with an average collected balance of $300 or a an average collected balance of $5,000 across all Incredible deposit accounts. The Incredible Bank checking account currently pays 0.71% APY on balances of less than $250,000.
  • Saturday marks two weeks before the end of the second quarter of 2013, which means many cash back credit card users will be able to start enrolling for next quarter’s bonus cash back categories (if their cards offer such a program). It’s also a reminder that such credit card users should take advantage of the current bonus cash back categories before they expire.
  • Google has spent $300 million in acquisitions to develop its mobile wallet application but it has fewer than 10 million users after two years on the market, according to Bloomberg. The tech giant never disclosed how much it invest in Google Wallet. Even without the exact numbers from Google, the mobile payments industry already recognizes struggles that Google Wallet is facing.
  • The upcoming Sunday is Father’s Day. According to study by the National Retail Federation, the average person plans to spend $119.84 on dad’s gifts this year, up from $117.14 last year. The total spending to celebrate Father’s Day is projected to be $13.3 billion. With just a week left to show that you love dad just as much as mom, what are you getting as a gift?

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