Google Abruptly Cancels Its Plan To Release A Credit Card

Google was planning on releasing its own physical credit card, but abruptly dropped the plan, Liz Gannes at All Things D reports.

The card was black with the Google Wallet "W" on it and silver magnetic stripe, says Gannes. Google wanted the credit card so it could gather more data on people's purchases, which would help its ad business.

It was going to be announced next week at Google's developer conference, I/O, but CEO Larry Page shot it down after a weak internal demo, says Gannes. Page was unhappy with the demo and believed it wasn't an innovative product.

The new credit card was built into the Google Wallet app, but is now going to be stripped out, we assume. The Wallet app will get a refresh with some new features making it more like Apple's Passbook, which integrates loyalty cards and tickets from other apps.