Google launches smart payment card that could rival Apple pay

Would you like to pay with Google Card? Globebusinesscenter has acquired images that demonstrate that Google is developing its physical and virtual debit cards. The Google Card and the

Google pay
Google pay

associated verification account will allow users to purchase things using a card, mobile phone, or online. Connects to the Google app with new features that allow users to easily monitor purchases, check their balances or lock their accounts. The card will be co-branded with various banking partners, including CITI and Stanford Federal Credit Union.

A source has provided Globebusinesscenter with the images shown here, as well as proving them from Google. Another source confirmed that Google recently worked on a payment card that its team hopes will become the basis for the Google Pay app - and help it compete with Apple Pay and the Apple Card. Google Pay currently supports online payment and peer-to-peer payments only by linking a traditionally issued payment card. The Google Play Card will greatly expand your app usage and Google’s capabilities as a financial technology giant.

Google the financial services company

By creating a smart debit card, Google has the ability to unlock new revenue and data flow. Exchange fees may be imposed on purchases made using the card or other current account fees, and then distributed with their banking partners. Depending on their privacy decisions, Google can use transaction data about what people buy to improve the measurement of an ad campaign or even targeting. Brands may be willing to buy more Google ads if the tech giant can prove to drive sales.

The long-term effects are greater. While the industry joke was that every app eventually became a messaging app, every tech company eventually became a financial services company. A smart debit card and current accounts can pave the way for Google to provide banking services, stockbroking, financial or automated advice, accounting, insurance, or loans.

Google's broad access to data may enable risk management more accurately than traditional financial institutions. Its deep connection with consumers via apps, ads, research, and the Android operating system gives it many ways to enhance and integrate financial services. With COVID-19 slowing, high-margin financial products can help Google develop effective revenue opportunities and increase their share price.

When Globebusinesscenter asked Google to confirm, it did not contest our results or claims. The company gave us a statement that it provided to reporters after a story in November in which Google told Peter Rudiger and Liz Hoffman of the Wall Street Journal that it was experimenting with the current account space. Globebusinesscenter is the first to report Google debit card plans:

Google’s strategy today is to enable partner banks and credit unions to provide basic financial infrastructure and move from regulation to regulation while creating smarter user interfaces and experiences.  Google may one day break the banks and take all the loot for itself. Google launched the Google Wallet debit card in 2013 as an extension of the old Google Wallet payment app but closed the card in 2016. Given Google’s desire to rename or close products, and then relaunch them, creating a new debit card seems to be the mark.

As people around the world suddenly worry about their finances in the midst of the economic disaster of a coronavirus, debit cards with more transparency and controls can be attractive.

Google Pay Card

Conventional banking products can be difficult, and often require phone calls to customer service or browse crowded websites to solve security concerns. Google hopes to make financial management as intuitive as messaging and mapping apps. The card designs and apps are shown here are not final, and it is unclear when the debit card can be launched from Google. But let's take a look at what these internal Google Docs reveal about their ambitions for payment.

Google pay card
Google pay card

The Google co-branded debit card comes with the name Google and our partner bank, although the exact product name is still unknown. In the designs, this is a SIM card on the Visa network, although Google may support other networks such as Mastercard. Users can add funds or transfer funds from their account from the associated Google app, which is potentially Google Pay, and use the account's fingerprint and security PIN.

Once contacted with their bank account or cash account, users can pay for their purchases at retail stores using a physical Google physical debit card, including contactless payments, by simply uploading them to the card reader. A virtual copy of the card that resides on the user's phone can also be used for Bluetooth mobile payments. Meanwhile, a virtual card number can be used to pay online or in the app.

Users receive a list of recent transactions, each of which includes the merchant's name, date, and price. They can search through every transaction to see the location on the map, get directions or contact the store. If users don't know about a transaction, it's easy to protect yourself with comprehensive card security options.

If a customer suspects a crime because he lost his card, he can lock it and possibly request a replacement while continuing to pay using his phone or online, thanks to the different Google virtual card number system. That his physical card. Alternatively, if a suspected hijacker card number is suspected of being stolen, they can quickly reset it. And if they believe that someone has gained unauthorized access to their account, they can lock it completely to prohibit all kinds of payments and transfers.

The settings reveal notification options and privacy controls to "determine what information you share", although we do not have images of what these lists contain. It is unclear to what extent Google will give customers limited access to company or merchant data. Google’s decisions in this regard may affect how transaction data may be passed to other Google companies.

Google Pay 

Google lags behind in providing its own card. Apple launched its Apple Card in August, introducing an elegantly designed Mastercard Titanium Credit Card supported by Goldman Sachs. It charges a small fee to customers, comes with a virtual card for use via Apple Pay, and generates interest.

Apple collects exchange fees from merchants, which Google may also collect to generate revenue. Last month, Apple changed the card's privacy settings to share more data with Goldman Sachs, which could also help the two offer additional financial services. Apple Pay now accounts for 5% of global card transactions and is expected to reach 10% by 2024, according to research by Bernstein. This highlights the huge market that Google is striving to achieve here.

The google pay card

Securities brokerage applications and robotics advisers have also joined the payment race. Wealthfront launched cash accounts and debit cards last February, bringing in $ 1 billion in assets in two months and doubling the company's total assets to $ 20 billion by September. Betterment launched its product under surveillance in October 2019 with a Visa debit card, but that does not interest him.

Robinhood spoiled the launch of its checking accounts in December 2018 due to unqualified insurance but was relaunched in October 2019 with debit cards withdrawn from 75,000 ATMs and a high interest rate. It is unclear how the Google Card will work with ATMs or how the interest verification accounts will generate.

The invitation to Google and the rest are clear. It seems that every time companies help transfer people’s money, some of them “inevitably drop from the truck” and end up in their pockets. Financial services are generally inexpensive ways to generate income. This could be particularly attractive, as Google found that many other side bets were not applicable. Go to deduct some of these university projects, like wind kites where I am.

Google can't find profitable companies like its heart in search and advertising but has the advantages of becoming a serious player in financial technology. His huge salty sum of money, his strong collection of engineering talent, his expertise in building complex facilities, the numerous contact points that connect him with consumers, and the endless data warehouse can give him an edge over old banks. Heavier and poorer startups. And as Facebook moves into organizational control and has to cut its cryptocurrency, Google's most popular approach to debit cards can pay off.

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