Verizon Wireless (NYSE:VZ) will not have Google Inc’s. (NASDAQ:GOOG) payment app, Google Wallet, on the latest Galaxy Nexus this month according to the Wall Street Journal. The Galaxy Nexus is being developed by Google and Samsung and uses Google’s android based software.
Google Wallet is an app that allows users to make payments, redeem digital coupons and earn points with merchants. This app allows Google to compete in the local-business advertising market.
This move by Verizon comes as they have formed a joint venture with AT&T (NYSE:T) and T-Mobile for a system called Isis that allows people to do the same thing the Google Wallet does. A Google spokesman was quoted as saying, “Verizon asked us not to include this functionality in the product.”
It looks like Verizon and the other cell phone carriers want to push Isis hard and don’t want any competition on the phones.
Verizon Communications Inc. is down slightly in pre-market trading at $38.01. VZ has jumped nearly $2 a share in the past five trading sessions.
Google Inc. (NASDAQ:GOOG) is down 0.08% in pre-market trading at $625.13. GOOG is up more about $40 a share in the past five trading days.