Verizon Wireless has said “no” to preloading the Google Wallet app on the new Galaxy Nexus smartphone line.

The new Android OS phones will start being sold on Friday, said TechZone360. The phones were developed by Google and Samsung Electronics.

The Google Wallet is a mobile app that turns a phone into a “wallet,” said a company website. It stores credit cards and digital discounts. It features near-field communication (NFC.) In connection with the app, Google may sell ads and other offers to local merchants.

The reason behind not including the app on the new phone is apparently related to competition. Verizon is developing its own mobile payments platform with other carriers, according to The Wall Street Journal.

“We're working to provide expanded services that will provide the best security and user experience in the market around m-commerce,” Verizon Wireless told The Journal. “We expect to provide access to an open wallet when those goals are achieved.”

The Verizon offering is called Isis. It comes in partnership with AT&T and T-Mobile USA, and will be tested in 2012.

On the other hand, users on their own could download Google Wallet from the Google's app store, The Journal said.

In a related matter, TechZone360 reported that Cantaloupe Systems will launch Google Wallet in vending machines in Chicago, San Francisco, New York City and Washington, D.C., according to a story from All Things D. Consumers will use the app to pay for drinks and snacks just by tapping their phones. Coupons and rewards are also a possibility for vending machines – given the technology, TechZone360 added.