It appears Google’s payments services Android Pay and Google Wallet will both remain part of the “search” company — that is, Google — in the company’s reorganization as Alphabet, announced yesterday.
Android was referred to as one of the “crazy things” Google had started that now claim over 1 billion users in Alphabet CEO Larry Page’s announcement, but nothing specific has been said about its forthcoming payments product, Android Pay, its legacy product, Google Wallet, or any sort of payments at all. Indeed, a Google representative replied to a Bank Innovation inquiry about where the payments products would fall with the terse statement, “Our blogpost provides all of the information we have to share at this time.”
Sundar Pichai, the former head of product tapped to run the “slimmed-down” Google, has both Android and Google Wallet in his portfolio, so it appears unlikely they will be sundered from the search business. The companies that will not remain, according to Page, are those that fall “pretty far afield of our main internet products,” such as products related to health.
Alphabet’s 8-K filing with the SEC indicated Google will retain control of the following, plus some infrastructure:
- Search
- Ads
- Maps
- Apps
- YouTube
- Android
Not included in Google will be “businesses such as Calico, Nest, and Fiber, as well as its investing arms, such as Google Ventures and Google Capital, and incubator projects, such as Google X.”
Android Pay was first mentioned officially by the company in May, though it had been long expected. Google acquired Softcard, formerly Isis, in Feb. 2015. It is expected that Google Wallet and elements of Softcard will play a role in Android Pay. Some visualizations present it as looking similar to Apple Pay. Google Wallet is expected to remain as a peer-to-peer payment service after Android Pay launches.
(Check out the hashtag #googlewallet on Twitter to see some craaaazy stuff.)