Google has reportedly given up on its plans of introducing a physical credit card for now. There was some chatter before that the company was going to announce such cards at its I/O 2013 conference, but now it is being rumored that Google will instead be releasing an update for its Wallet service. The new Google Wallet update will reportedly bring the service at par with Apple’s Passbook app. The company is expected to launch its Game Center competitor as well, called Google Play Games.

It is now being reported that Google Wallet users will be able to avail new offers, rewards and loyalty points as a large number of new merchants have been brought on board. The disadvantage that Google faces with Wallet is that there’s not a lot of NFC capable devices or customer sales terminals in the mainstream market. A physical card would aid Google’s position in this particular market, however it is believed that Google CEO Larry Page called off this project because he didn’t like the demo he saw. The Google Wallet update is expected to be announced at the conference.

Filed in General. Read more about Google and Google Wallet.

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