Tuesday, September 18, 2012
Google to discontinue Google Prepaid Card
Google Inc. reported on its corporate blog that it is ending its Google Prepaid Card experiment on Oct. 17, 2012. The search engine giant said it is discontinuing the card because it recently moved Google Wallet to the cloud to allow users to store any credit or debit card in the wallet. The prepaid card was a component of the initial Google Wallet strategy announced in May 2011 and rolled out that September, where the prepaid card and a credit card issued by Citibank N.A. were stored directly on several smart phone models that utilized Google's Android operating system.
Beginning Sept. 17, cardholders will no longer be able to add funds to the Google Prepaid Card. One month later, the card will disappear from the mobile wallet application resident on smart phone models that include the Galaxy Nexus, the LG Optimus Elite and the HTC Evo.
Google advised its prepaid cardholders to spend the balances on the virtual cards before the October deadline to avoid paying a maintenance (inactivity) fee. Google recently changed its maintenance fee policy for the prepaid card. Previously, the $2 fee was imposed after 180 days had gone by without a transaction being conducted with the card. But with the card termination date approaching, Google changed the policy so that cardholders will be charged the fee after only 30 days pass without a transaction taking place with the card.
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.
