Wallet Wars: Sprint Delivers Another Blow to Google

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According to NFC Times, it looks as though Sprint (NYSE:S) is developing its own mobile wallet. If true, the move would be a major setback for Google (NASDAQ:GOOG), since Sprint is the search giant’s only partner for Google Wallet.

Why does Sprint want to build its own wallet? It would be a great way to differentiate Sprint’s offerings and yes, grab higher margins. It would also give the company more control over the security of payments.

For major carriers, an e-wallet has become a must-have. Verizon Wireless (NYSE:VZ), AT&T (NYSE:T) and T-Mobile USA are in a joint venture to create their own. Still in the development stage, it will be called Isis.

Of course, there are other players in this crowded market, including eBay’s (NASDAQ:EBAY) ubiquitous PayPal and upcoming wallets from Visa (NYSE:V) and MasterCard Worldwide (NYSE:MA).

–Tom Taulli, InvestorPlace