According to the latest report swirling in the tech media world, tech giant Google is walking on the footsteps of Apple as it said to be developing its smart debit card, as a part of its fintech roadmap for this year. The Google card will allow users to make/track purchases made online and offline through new Google’s app. The search engine giant is reportedly partnering with several banks including Stanford Federal Credit Union and CITI for its payment card service, as per the report from TechCrunch.
Furthermore, the card will feature Visa powered chips, although Google may tie-up other payment processors like Mastercard in the future. Notably, the Google card is designed to work as both physical cards (purchases at retail stores with contactless payments support) and virtual cards (online purchases).
What else do we know?
In case of theft or loss, the Google Card can be locked/blocked through the Google Pay app. The leaked image gives us some more details including the app showing recent transactions with merchants and date details, location of the purchase on the map and strange green and blue dot pattern.
Unlike the Apple card, which offers various cashback offers, there is no information about Google offering any perks or benefits. It’s worth mentioning that, there is no clarity as to when exactly Google will launch this card.
In a statement to TechCrunch:
“We’re 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.”
Working on fintech solutions
It is interesting to see that the tech giants like Apple, Facebook and now Google are moving to the finance sector. To reiterate, Apple launched Apple Card in August last year, whereas social media giant Facebook is also working on a cryptocurrency ‘Libra’ and another platform similar to PayPal.
Let us know your take on Google Card in the comments section below!
Main image credits: Techcrunch
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