Google had plans to launch an actual credit card next week, but Larry Page personally said no

Google I/O kicks off on May 15th. It’s the company’s annual event where they show off what’s been cooking in the kitchen. Last year they famously demoed Google Glass and announced the Nexus 7. According to AllThingsD, the company had plans to announce a physical Google credit card, but the CEO, Larry Page, killed those plans after receiving a flaky demo of the product.

This probably has something to do with the Head of Google Wallet, Osama Bedier, leaving the company, but let’s take a step back. Why does Google want to enter the payments game in the first place? Think about all the stuff the company already knows about you. They know what you’re trying to find on the internet. They know who you email. They know what’s in your emails. If you use Android, they pretty much know where you are.

So what’s missing? Google wants to know what you buy.

It’s one thing for them to know that you searched for a new lawn mower. It’s another thing for them to know that which exact one you bought, from which store, on which date, at what time. With that kind of information, one can only begin to imagine the type of ads Google could serve.