There was a time when people speculated if Google would create a pay system that would compete with Paypal, but it doesn't seem to have come to term as of today.
I like Google Wallet, for the clean interface but also because I believe it's healthy for PayPal to have some real competition.
That few have even heard of "Google Wallet," let alone availed themselves of its use, suggests that there is ground to be covered-- "to come to term," indeed.

[I prefer not to think about all that "Google" now holds, as far as my information. Tra la la, tra la la.]
~ P.