Google Wallet (GOOG), the mobile software that allows Android users to pay for purchases online and in stores with their phones, has become a money pit. The company has dedicated hundreds of developers to Wallet and spent about $300 million to acquire digital payment startups to help develop the app. But consumers aren’t sold. Wallet has been downloaded fewer than 10 million times in the two years since its launch, according to Play, Google’s app store.Report: Google Wallet Is Costing Google With Every Transaction [businessweek.com]

After two years, most consumers still can’t use the app. Of the four largest U.S. wireless companies, only Sprint Nextel (S) supports it. Verizon Wireless, AT&T (T), and T-Mobile USA (DTE) block Wallet on their phones and have teamed up to develop their own software, called Isis. MCX, a consortium of retailers including Wal-Mart Stores (WMT) and Target (TGT), is also working on a similar app.