Soon after announcing its new mobile payment service called Android Pay, Google set about clarifying its position on Google Wallet moving forward.
The company is working on a new version of Google Wallet that’s set to arrive later this year. According to Google, it intends to let the service live on for making peer-to-peer payments.
“The new app will allow anyone with a U.S. debit card to send and receive money for free within minutes — even if the other person doesn’t have the app. The money you receive can either be directly sent to your bank account or it can be spent in stores using the Google Wallet card,” explained Google in a blog post.
Google said the revised Google Wallet app will be made available to Android and iOS devices, and can be accessed from the web. Android Pay, on the other hand, powers tap-and-go mobile payments at 700,000 retail locations around the country.
Android Pay began life as Softcard/Isis and was developed by AT&T, T-Mobile, and Verizon Wireless. Google purchased Softcard’s assets from the carriers in February.
Like Apple Pay on the iPhone, Android Pay requires NFC and an associated credit card in order to make payments. Google said it will have more details regarding Google Wallet in the months ahead.
