Gone are the days when people used cash for shopping and payments; now its digital era and debit and credit cards are the talks of the town. Some of the tech giants had also entered into this field and now Google is following the footsteps of Apple. Like Apple, Google is also now working on its digital payment service Google Pay, but unlike Apple’s credit card, it would be a smart debit card. With this card, users will be able to make online purchases via mobile or card. Google Pay has already more than 67 million users.
For using this smart debit card, a user will be connected via the Google app. For developing this card google is considering partnering with Citi and Stanford Federal Credit Union. Google may extend it to other payment companies as well, like Master Card and there will also be an option for payment via virtual cards.
Google Spokesperson did not tell or cleared the speculations regarding its plans for a smart debit card, who was recently on record saying, “We are exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account. Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months.”
Entering into the financial sector, Google will open new doors for itself. Transactions of money between multiple platforms will not only generate money for Google but it will also provide more customers’ data and revenue to Google, which can be used for making Google ads better and other campaigns.
As we know, tech trends are changing rapidly and every giant company wants to be part of finance. Google will have more advantage than other companies in decision making because it already has an insight into customer’s data, that will help it in making better decisions in the financial sector.
Although the final design of the card has not been released yet, Google will try to make it simple and attractive on the line with its own material designed apps. The card will have the name of the customer, Visa supported payment method and a chip installed on it. It will also incorporate fingerprint and pin as in other cards of banks, Google has also ambitions for releasing an online or virtual version of the card. The good thing about it if the customer loses the card or the card is damaged then the online version of this card can also be used via the online application of Google Pay.
Google has its main business in searching and advertising, but due to customer’s data, it will have more advantages than other companies. The card will be connected to all major banks of the USA and customers will be able to recharge it with other bank accounts.
Facebook has already its cryptocurrency as Libra, Apple has a smart credit card and Google will soon be launching its smart debit card.
Image source link