Google CEO Larry Page has reportedly canceled plans to launch the long rumored Wallet credit card ahead of the company's annual I/O developer event commencing next week. According to AllThingsD, Google will roll out updates to its Wallet service at the event — which include new rewards, offers, and loyalty points — but will not launch the credit card, after it performed badly in tests overseen by Google's chief executive.

Google is expected to roll out new rewards, offers, and loyalty point features at I/O

The company has been linked with the launch of a credit card since November, when a leaked version of the Wallet app revealed references to a physical card that would mimic a user's existing credit or debit cards. Google later provided more evidence that a Wallet card was coming, publishing details on a support page that stated the card would be compatible with any Android device running 2.3.3 or above.

Earlier this week, the company confirmed that vice president of Google Wallet, Osama Bedier, was leaving the company. AllThingsD's sources say Page had previously questioned the launch of a physical card, believing that the solution did not offer innovative features capable of rivalling payment startups like Square.