Bloomberg Report: "Google Wallet Has Become A Money Pit," Some Expansion Projects Reconsidered Or Abandoned

After two years on the market, Google Wallet has failed to gain any kind of meaningful foothold in the mobile payment world. That's the gist of a new report from Bloomberg Businessweek, slamming Google's mobile and NFC payment service as a 'money pit' and unlikely to succeed against existing and upcoming competitors. Among the publication's chief complaints are $300 million in investments and acquisitions, and hundreds of developers on staff, all for less than 10 million downloads in the Google Play Store.

One reason cited for the lack of users is obvious: in the US, Google Wallet's primary target market, Sprint is still the only major carrier that allows users to download the app.