Google launched their mobile payment system – Google Wallet in 2011 that enables users to purchase products online with a tap of a button and was widely used and available in the United States. Australians have been known to be tech savvy and supported the nation’s big banks initiatives in digital financial services, so it came as a surprise when the initiative was not launched in the country.

Google’s Australian Managing Director Maile Carnegie cited the country as a leading innovator in mobile finance that there are just a few gaps that they could fill. This is the leading reason why Google doesn’t have plans to launch their payment system in Australia as they are looking instead on bigger issues and opportunities in the country. Technology has brought about convenience and competition in the finance sector that major banks in the nation view these innovations from tech giants such as Google a huge threat to their business.

Read more about this on the Sydney Morning Herald website.