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VIDEO: Why Google Wallet won’t be coming to Australia

Transcript

Digital wallets seem to be all the rage right now – at least on tech blogs and in the boardrooms of internet giants. Apple, PayPal and Amazon have all invested in the idea.

Google first launched its digital wallet back in 2011, allowing users to store credit and debit cards on their mobile phones to make real world payments quicker and easier.

But Google Australia's managing director, Maile Carnegie, told a Trans-Tasman Business Circle lunch recently that the Google Wallet won't be coming to Australia.

According to Ms Carnegie, Australia already has an innovative payments market, with the majority of consumers using contactless banking technology.

We’re just too tech-savvy and Google doesn’t see room in the market.

Despite all the hype, digital wallets have never really taken off. According to a study by Thrive Analytics, the majority of consumers are aware of these products, but only 32 per cent have ever used them.