5. There will be multiple competing services
Apple isn't the only company vying for dominance in the mobile-payment business. A number of firms, including PayPal and Visa, are reportedly working on mobile-payment services that could compete against Google Wallet. Simply put, the mobile-payment business will become highly fractured in the coming years, and that could very well hurt any company's ability to score major market share.
6. There are too many moving parts
With Google Wallet, there are simply too many moving parts for the service to quickly take off and dominate the space. For one, handsets need to have an NFC chip and support the software. Secondly, Google needs to get credit card companies onboard. From there, the search company needs to get merchants to support Google Wallet. In other words, there are multiple steps Google must take to achieve a highly profitable level of deployment for Wallet. It might not achieve its goal for years to come.
7. It's MasterCard, for now
According to Google's blog post announcing Wallet, MasterCard credit cards will be supported with its new service. However,cards from Discover, American Express and Visa are not supported, although Google said that support "could" come in future versions of its service. Until then, it's a major issue for Google. Until all the major credit card companies jump onboard, there's no way for Wallet to dominate the market.
8. Fear over security
There is already some fear that goes into taking plastic out of a wallet and handing it to someone to swipe. But when it comes to a new technology that allows credit authorizations to be passed over the air, a whole new range of worries crops up for consumers. Are those security fears warranted? They certainly are until Google proves otherwise. As a result, Google will have a hard time persuading people to use Wallet until they demonstrate that the service can't be compromised by cyber-criminals.
9. Generally poor marketing
So far,Google has engaged in very little marketing for Wallet. And so far its early marketing efforts haven't looked all that effective. Most recently, Google used a clip from the television show "Seinfeld" to showcase how Wallet might be able to solve a consumer's troubles. But the search company will need to do better than that. Google Wallet is an unknown entity in today's mobile space, and Google will need to push hard to get folks to pay attention to it.
10. It's still in its infancy
The mobile-payment business is still very much in its infancy. In the coming years, there's no telling where it might go, what experience consumers prefer and how well the available services will deliver what consumers want in a secure and reliable mobile-payment system. So, while it's theoretically possible for Google Wallet to eventually dominate the marketplace, it's quite unlikely. At this point, it looks like several companies will have a shot and none, at least for now, will stand out above the rest.