Google predicted to build a comprehensive digital wallet for mobile payments
Research and data specialists Forrester has forecast that Google will shift its mobile payment services away from in-store payments toward building a comprehensive digital wallet for every stage of the purchasing journey.
This will continue a trend of greater integration between Google’s growing suite of products such as Google Maps, Gmail, Google Play and Google Now.
The report comes amidst growing fears from a number of financial firms that Google may seek to extend its technological dominance into the field of banking, which many believe to be ripe for a new wave of digital disruption.
Writing in a blog post analyst Oliwia Berdak said: “For a firm that uses information to solve problems, a logical next step is to use product, consumer and transaction data to deliver financial advice and tailored product recommendations.
“Google won’t become a bank, but it could easily become a financial services hub to facilitate the relationship between consumers and providers of financial services.”