Google is planning to debut an update for its Wallet service at its I/O developer conference next week, but a physical credit card will not be part of the mix after all, despite rumors to the contrary.

Sources told AllThingsD the company has abandoned plans for a Google Wallet credit card for the time being.

Google CEO Larry Page made the decision after a faulty card demonstration last week, according to the AllThingsD report. Page, apparently, has been unconvinced from the get-go that a physical card is a good solution to take Google Wallet to the masses.

The sources who saw the card said it was black with a rainbow “W” of the Google Wallet logo and had a standard magnetic stripe.

Rumors that Google Wallet users would soon have a little plastic to add to their pocketbooks first surfaced last November.

It was thought the Google Wallet card would serve as an all-in-one card, allowing Android device users to pay with whatever credit cards are tied to their Google Wallet account. The premise was to allow users to connect their debit cards and credit cards to their account which, in turn, would enable them to carry the one card and their phone rather than a pocket full of credit cards.

According to news reports at the time, the card would enable users to instantly redeem special deals and exclusive offers. Google was also to offer around-the-clock fraud monitoring and, if a user were to lose the Wallet card, he or she could simply cancel that card rather than all of their credit cards.

While it is possible the card could surface at some point in the future, Google Wallet users will still have something to look forward to next week.

Google Wallet’s rewards and offers will be updated and the loyalty points program is to include a larger number of retailers.

Share/Save/Bookmark

Tags: , , , , , , , , , , , , , , , , , , ,