After numerous tech companies including Robinhood, Apple, and even T-Mobile have ventured into the financial world by releasing smart debit or credit cards, it appears Google will be following suit with its own Google debit card.
Based on a source who spoke to Techcrunch, the Google card will be available in both digital and physical forms and may look to serve as a new foundation for the Google Pay ecosystem. The Google card will be linked with its own debit account, allowing users to buy things both online and in stores, with backing from a range of potential banks including Citi and Stanford Federal Credit Union
Similar to the Apple Card, it seems the Google card will also be connected with your Google or Google Pay account so you can quickly check your purchases, pay off your card, or more easily send money to others. Currently, in order to send money on Google Pay, you need to connect your account to a separate credit or debit card, instead of simply relying on your current balance. Also, according to screenshots sent to Techcrunch, the Google Card will also track your shopping habits and even plot in-store purchases on a map inside the app.
When Techcrunch reached out to Google for a statement regarding the Google card, instead of simply declining to comment, Google provided a similar statement to one it issued last year when the Wall Street Journal inquired about Google moving into financial services. That statement says:
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.
While it seems the Google card is still waiting for an official name, there are a bunch of other important things Google will need to figure out if it wants to create a true rival to the Apple Card. What kind of perks will the Google card have, will the physical card be made out of fancy material like titanium, and most importantly, what kind of privacy and security will the Google card offer?
That’s because while the Apple Card has somewhat lackluster perks compared to a lot of the competing premium cards like the Chase Sapphire Reserve or the Citi Prestige, the privacy aspects touted by Apple drew the attention of a lot of potential customers, an ethos that Apple has been slowly expanding into other areas like with Apple’s revamped Sign-In system.
Regardless, for younger generations who often find the amount of paperwork and intuitive account management systems employed by more traditional financial services, the Google card should at the very least be a more modern and tech-savvy approach to banking.
Source: gizmodo.com
